KBRA Assigns Preliminary Ratings to First Investors Auto Owner Trust 2026-2

Business Wire··USNL·Read original
2▲0 ▼0Impact / 5
Summary · why it matters

KBRA has assigned preliminary ratings to six classes of notes issued by First Investors Auto Owner Trust 2026-2, an asset-backed securitization collateralized by a pool of auto loans. The deal will issue six classes of notes totaling $518.3 million, with initial credit enhancement of 37.15% for the Class A-1, Class A-2 and Class A-3 notes, stepping down to 14.65% for the Class D notes. Credit enhancement consists of subordination, except for the Class D notes, along with overcollateralization, a reserve account and excess spread. FIAOT 2026-2 is the second term ABS securitization in 2026 for Stellantis Financial Services, Inc., doing business as First Investors Financial Services, and the sixth since the company was acquired by Stellantis N.V. in 2021. SFS is the indirect finance subsidiary of Stellantis that purchases near-prime and prime retail installment contracts and leases from approximately 2,500 Chrysler, Jeep, RAM, Alfa Romeo and Fiat franchise dealerships across the United States. KBRA applied its Auto Loan ABS Global Methodology, its Global Structured Finance Counterparty Methodology and its ESG Global Rating Methodology in its analysis, and said operative agreements and legal opinions will be reviewed prior to closing.

Impact on assets 1

Electrification & Mobility▲ · 1 stocks
Stellantis NV
STLA
± MixedCapitalrelevance

Stellantis's finance subsidiary is issuing a $518.3M auto-loan ABS, a routine financing event with no clear positive or negative read for the parent.

Off-coverage companies 3

Stellantis Financial Services, Inc.Private± Mixed
Capitalrelevance

SFS is the sponsor of the FIAOT 2026-2 auto-loan ABS securitization, its second term deal of 2026, which is a neutral financing event.

Rewey Asset ManagementPrivate± Mixed
relevance

Siemens Financial Services Inc.Private± Mixed
relevance

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