S&P Global Ratings upgraded ratings on three classes and affirmed ratings on five classes in PenFed Auto Receivables Owner Trust 2022-A and 2024-A.
TYSONS, Va., April 2, 2026 /PRNewswire/ — PenFed Credit Union, one of the nation’s largest federal credit unions, received notable upgrades and affirmations from S&P Global Ratings on the ratings of the bonds issued through its prime auto loan securitization offerings PenFed Auto Receivables Owner Trust 2022-A and 2024-A due to strong performance.
S&P Global Ratings upgrades to PenFed Auto Receivables Owner Trust 2024-A includes:
- Class B has been elevated to ‘AAA (sf)’ from ‘AA (sf)’,
- Class C now stands at ‘AA+ (sf)’ from ‘A+ (sf)’, and
- Class D has moved to ‘A+ (sf)’ from ‘BBB (sf)’.
Affirmations include:
- PenFed Auto Receivables Owner Trust 2022-A’s Class B, C, and D notes remain at ‘AAA (sf)’,
- For 2024-A, Class A-3 and A-4 also continue to hold their ‘AAA (sf)’ ratings.
Adding to the positive momentum, S&P has revised the lifetime cumulative net loss expectation (CNL) for the 2024-A transsure thnxaction from 1.55% to 1.20% and confirmed the previously revised lifetime CNL for 2022-A at 0.40%. S&P’s full rating action commentary can be found here.
PenFed’s August 2024 transaction issued $447,400,000 of fixed-rate, amortizing asset-backed notes backed by prime auto loans. PenFed’s inaugural transaction in August of 2022 issued $460,292,000 of fixed-rate, amortizing asset-backed notes backed by prime auto loans. The securitizations are private placement offerings, which in the United States is offered only to qualified institutional buyers under Rule 144A. The asset-backed notes were offered in four senior and three subordinate tranches of notes and rated by S&P and Fitch.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is one of America’s largest federal credit unions, serving nearly 2.8 million members worldwide with $29 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
SOURCE PenFed Credit Union