Credit Rating
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KBRA Assigns Preliminary Ratings to Upstart Securitization 2025-3
On September 5, 2025, KBRA assigned preliminary ratings to Upstart Securitization Trust 2025-3, a $320 million consumer loan ABS. The notes, backed by unsecured consumer loans from Upstart’s platform, feature tiered credit enhancement levels ranging from 20.50% to 56.45%. The ratings reflect overcollateralization, excess spread, cash reserve, and subordination. This is Upstart’s 47th ABS securitization, signaling ongoing confidence in its lending model. KBRA’s ratings are based on consumer loan ABS, structured finance, and ESG methodologies, considering portfolio data, underwriting practices, and economic conditions.
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KBRA Assigns Preliminary Ratings to NRMLT 2025-NQM4
KBRA has issued preliminary ratings for eight classes of notes in the $488.4 million New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4) non-prime RMBS transaction, sponsored by Rithm Capital Corp. The collateral comprises 938 residential mortgages with a weighted average original credit score of 752 and LTV of 70.1%. Loans originated primarily from NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). KBRA utilized its Residential Asset Loss Model (REALM) for the loan-level analysis. Further details are available in KBRA’s U.S. RMBS Rating Methodology and full rating report.
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S&P Global Adjusts Ecopetrol’s Credit Rating, Affirms Stand-Alone Profile
S&P Global Ratings downgraded Ecopetrol’s global credit rating to BB from BB+, mirroring Colombia’s sovereign rating cut. The outlook remains negative. Despite the downgrade, Ecopetrol’s Stand-Alone Credit Profile was affirmed at bb+. S&P cited Ecopetrol’s importance to national revenue and its role in the nation’s energy transition. The agency expects a leverage ratio between 2.0x and 2.5x and a 40% EBITDA margin. Ecopetrol’s 2040 strategy focusing on growth and diversification was also highlighted.
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Elbit Systems’ Long-Term Local Scale Rating Raised to “ilAA+” by S&P Global Ratings Maalot; Outlook Stable, Short-Term Rating Affirmed at “ilA-1+”
Elbit Systems Ltd. announced an upgrade of its long-term credit rating to “ilAA+” by S&P Global Ratings Maalot, citing strong operating performance and a record high backlog due to geopolitical tensions. The company’s short-term rating was reaffirmed. Elbit reported $1.9 billion in revenue and a $23.1 billion order backlog as of March 31, 2025.
