ARC Ratings

EU/EEA non-performing loans approached €377bn in the first quarter of 2026, or 1.82%, which looks very moderate. Consumer credit records the highest non-performing loan ratio among the segments shown and, at 5.56%, its highest level since the available ECB series began in Q2 2023. Access the full report → https://lnkd.in/e-mEiajX #ConsumerABS #NPLs #CreditRisk

ARC Ratings is at the PCS Athens Symposium today. Stefan Augustin, our Head of Relationship Management (EU), is attending on behalf of the firm. The Athens edition of the PCS European Symposia Series, Charting a New Course, brings together issuers, investors, banks and policymakers to discuss how securitisation can support the next phase of European financing. If you're attending and would like to discuss a rating for an ABS, NPL or other structured transaction, reach out to Stefan or get in touch with the team.

The rapid expansion of private credit has exposed structural information gaps. Most private credit borrowers do not carry public ratings, which reduces comparability across funds and complicates portfolio risk aggregation. Access the full report → https://lnkd.in/enVhXBqG #PrivateCredit #CreditRatings #Transparency

More lessors are entering China's equipment lease securitisation market. That is not the same as more of them being able to run a programme. 118 issuers came to market in 2025, of which 37 had not issued in 2024. In H1 2026, 82 were active: 34 newly so, while 25 previously active issuers did not return. Over the same period the ten largest issuers accounted for 40.67% of 2025 volume and 46.77% of H1 2026 volume. The base widened; proven capability concentrated. Issuer count measures breadth. Repeat execution, consistent reporting and scalable servicing measure whether a programme holds. Part 2 of a four-part #ARCInsight series on #China's equipment lease #ABS market.

China's #ABS market recovered after the 2022–23 contraction. What is more interesting is where the growth is going. Broad finance-lease #securitisation reached RMB358.3bn in 2025: RMB289.1bn of enterprise ABS and RMB69.2bn of ABN. That is 15.7% of ABS and ABN issuance, and it became the largest single category in the market. Inside the pools, policy is redirecting that growth towards smaller businesses and productive equipment. Micro- and small-enterprise lease ABS rose from 18.7% of issuance in 2024 to 23.4% in 2025 and 25.8% in H1 2026. Part 1 of a four-part #ARCInsight series on China's equipment lease ABS market.

ARC Ratings has expanded its European footprint with the opening of a new branch in Madrid. Led by Jaime Azcoiti Leyva, Country Manager for Spain, the new office gives Spanish issuers, investors and intermediaries a local point of contact, while strengthening ARC’s analytical coverage across one of Europe’s most active capital markets. Jaime brings more than three decades of banking and credit risk experience to the role, including senior positions across BBVA’s international risk function in Europe, the US, Latin America and Asia. The Madrid branch will work closely with ARC’s established analytical teams in Lisbon and London, providing local access to expertise across structured finance, financial institutions and corporate ratings. “Establishing a branch in Spain is a very deliberate step," said Co-CEO, Vivek-Anand Dattani. "Jaime brings the seniority, the market relationships and the risk discipline this role requires, and Madrid gives us a permanent base from which to build across Southern Europe.” The opening represents another important step in ARC Ratings’ continued international expansion and our commitment to providing issuers with greater choice, local expertise and independent credit analysis. Read more: https://lnkd.in/ekm5xRmJ #CreditRatings #Spain #Madrid #StructuredFinance #Securitisation #CapitalMarkets #CreditRisk