KBRA Assigns Preliminary Rating to AMCR ABS Trust 2026-A

KBRA assigns a preliminary rating to one class of notes issued by AMCR ABS Trust 2026-A (“AMCR 2026-A”), an unsecured consumer loan ABS transaction. AMCR 2026-A has initial hard credit enhancement of 44.2% for the Class A notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class D notes), a cash reserve account funded at closing, and excess spread.

AMCR 2026-A will issue four classes of notes totaling $149.3 million, with KBRA rating the Class A notes.

This transaction represents the third ABS securitization collateralized by unsecured consumer loans originated through credit9 LLC. Americor Holdings, the parent company to credit9, is an Irvine, CA-based debt resolution company founded in 2015, and Americor Funding, LLC, an indirect wholly owned subsidiary of Americor Holdings, has been offering debt management solutions since 2016. credit9 will use the net proceeds from the issuance of the notes to fund the reserve account, to repay existing debt and to fund the prefunding account which will be used to purchase additional eligible loans during the prefunding period.

KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and proposed capital structure. KBRA also conducted an operational assessment of credit9, as well as a review of the transaction’s legal structure and transaction documents. 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: Consumer 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: 1014004

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