KBRA has assigned preliminary ratings to five classes of notes issued by Upstart Securitization Trust 2026-4, a $400.0 million consumer loan ABS securitization collateralized by unsecured consumer loans and auto secured personal loans. The deal is the 52nd ABS securitization collateralized by loans originated through the online platform operated by Upstart Network, Inc., a wholly owned subsidiary of Upstart Holdings, Inc. The preliminary ratings reflect initial credit enhancement levels of 65.30% for the Class A-1 and Class A-2 notes, 51.60% for the Class B notes, 41.15% for the Class C notes and 20.50% for the Class D notes, consisting of overcollateralization, excess spread, a non-declining cash reserve account and subordination, except for the Class D notes. As of the August 10, 2026 statistical cutoff date, the collateral pool will include approximately $500.0 million of loans, with auto secured personal loans comprising approximately 5.0% of the pool. KBRA applied its Consumer Loan ABS Global Rating Methodology and its Global Structured Finance Counterparty Methodology, and considered its operational reviews of Upstart and periodic update calls with the company; operative agreements and legal opinions will be reviewed prior to closing.
Upstart Holdings IncKBRA assigned preliminary ratings to Upstart's 52nd ABS securitization, a $400M deal collateralized by loans originated on its platform, supporting its funding capacity.
Taishin Financial Holding Co Ltd