U.S. Consumer ABS 2022 Outlook
The U.S. consumer is on relatively better footing to start 2022, but the omicron variant could threaten last year's economic recovery, with cases escalating and the possibility that governments might implement closures again. However, 2020 style lockdowns are unlikely in the U.S. given the shortened recommended quarantine periods for individuals who tested positive or were exposed to Coronavirus Disease (COVID-19). Nonetheless, we believe structural features, including deleveraging and credit enhancement, will help to mitigate deteriorating collateral performance in consumer asset-backed securities (ABS) transactions. We have stable outlooks for the auto loan, credit card receivable, marketplace lending, residential property assessed clean energy, Federal Family Education Loan Program student loan, private student loan, refinanced student loan, and timeshare ABS sectors.
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