KBRA Assigns Preliminary Ratings to Corporate One Auto Receivables Trust 2026-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes (seven tranches) of notes issued by Corporate One Auto Receivables Trust 2026-1 (“COART 2026-1”), a prime auto loan ABS transaction.

COART 2026-1 is the inaugural 144A offering arranged by Corporate One Federal Credit Union (“Corporate One”). Originally chartered in 1949, Corporate One is a member-owned, not for profit, federally charted, corporate credit union headquartered in Columbus, Ohio.

COART 2026-1 will issue four classes (seven tranches) of notes totaling $323.34 million. Credit enhancement consists of overcollateralization, excess spread, subordination (except for the Class D), and a reserve account funded at closing.

The collateral supporting the transaction is a pool of motor vehicle retail installment sales contracts that have been originated indirectly by three credit unions – Wright-Patt Credit Union ("WPCU"), Everwise Credit Union ("Everwise"), and Day Air Credit Union ("Day Air"). As of November 30, 2025, approximately 59.7% of the receivables balance was originated by WPCU, 29.9% by Everwise, and 10.5% by Day Air.

KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Corporate One’s historical static pool data. KBRA considered its operational review of Corporate One. Operative agreements and legal opinions will be reviewed prior to closing.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• ABS: Auto Loan ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012922