KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2026-3
KBRA assigns preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2026-3 (“OMFIT 2026-3”), an consumer loan ABS transaction.
OMFIT 2026-3 will issue four classes of notes totaling $600.0 million. The preliminary ratings reflect initial credit enhancement levels ranging from 33.10% for the Class A notes to 10.80% for the Class D notes. Credit enhancement is comprised of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account and excess spread. This transaction represents the third consumer loan ABS securitization issued by OneMain Finance Corporation (“OneMain” or “OMFC”, or the “Company”), a wholly-owned subsidiary of OneMain Holdings, Inc. (“OMH”), in 2026 and the 34th consumer loan transaction issued by OneMain or its subsidiaries since 2013. Since that time, OneMain and its subsidiaries have also issued 25 auto loan term securitizations. OMFIT 2026-3 includes a five year revolving period during which collections may be used to purchase new collateral so long as it meets the eligibility criteria and reinvestment criteria.
