DBRS Morningstar's Residential Property Assessed Clean Energy ABS Sector Outlook: Stable Despite Coronavirus
Despite the ongoing impact of the Coronavirus Disease (COVID-19) on the U.S. economy and on borrowers’ ability and willingness to repay outstanding debts, DBRS, Inc.'s (DBRS Morningstar) outlook on the residential property assessed clean energy (R-PACE) asset-backed securities sector is stable. The coronavirus pandemic has had limited effect on the R-PACE sector to date. With the closure of many nonessential businesses across the U.S., jobless claims have exceeded 47 million since mid-March. We expect limited credit deterioration in R-PACE securitizations despite the financial stress brought onto homeowners by the elevated unemployment rate.
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