KBRA Assigns Preliminary Ratings to Veros Auto Receivables Trust 2026-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of notes issued by Veros Auto Receivables Trust 2026-1 (“VEROS 2026-1”), an auto loan ABS transaction.

This transaction represents Veros Credit LLC (“Veros” or the “Company”) first term ABS securitization of 2026 and ninth overall. VEROS 2026-1 will issue six classes of notes totaling $274.68 million. The Notes are collateralized by a pool of auto loan contracts originated on an indirect basis mainly through independent auto dealers.

Veros is a privately-owned indirect auto finance company based in California. The Company was founded in 1998 as Credit One Corporation and rebranded as Veros Credit LLC in 2010. Based on financials provided by the Company, Veros has been profitable since inception. As of November 30, 2025, Veros operates in 26 states and has a loan portfolio with an aggregate outstanding balance of $760 million.

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 static pool data and the underlying collateral pool and stressed the capital structure based upon its stress case cash flow assumptions. KBRA considered its operational review of Veros as well as several business updates with the Company since that time. 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: 1013053