S&P assigns OMFIT 2026-1 notes ratings

S&P Global Ratings has assigned preliminary credit ratings to the notes issued by OneMain Financial Issuance Trust 2026-1 (OMFIT 2026-1), a consumer loan asset-backed securities (ABS) transaction. The transaction involves four classes of notes with a total issuance of $500.0 million. The ratings reflect initial credit enhancement levels ranging from 33.60% for the Class A notes to 11.10% for the Class D notes. Credit enhancement is supported by overcollateralization, subordination of junior note classes (excluding Class D), a cash reserve account, and excess spread and subordination.

This securitization marks the first consumer loan ABS issuance by OneMain Finance Corporation in 2026 and the 32nd such transaction by OneMain or its subsidiaries since 2013. The transaction includes a three-year revolving period during which collections can be used to purchase new collateral, provided it meets eligibility and reinvestment criteria.

OneMain Holdings, Inc. (OMH), the parent company, operates through a nationwide network of branches and an online platform. OMH acquired OneMain Financial Holdings, LLC in 2015 and is listed on the NYSE under the ticker symbol “OMF”.

S&P applied its Consumer Loan ABS Global Rating Methodology and Global Structured Finance Counterparty Methodology to evaluate the transaction’s collateral pool and capital structure under stressed cash flow assumptions. Final ratings will be confirmed upon review of operative agreements and legal opinions prior to closing.