On June 12, 2025, KBRA assigned preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2025-1 (OMFIT 2025-1). This transaction represents OneMain Finance Corporation's first consumer loan ABS securitization of 2025, totaling $600.0 million.
The notes feature initial credit enhancement levels ranging from 35.25% for the Class A notes to 11.45% for the Class D notes. Credit enhancement is comprised of overcollateralization, subordination of junior note classes, a cash reserve account, and excess spread.
OMFIT 2025-1 includes a three-year revolving period, allowing for the purchase of new collateral that meets specific eligibility and reinvestment criteria. This securitization highlights OneMain's ongoing strategy to leverage its consumer loan portfolio for funding and growth, building on its history of 30 consumer loan and 39 auto loan securitizations since 2013.
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