S&P Global Ratings described collateral performance for the subprime sector in its latest U.S. Auto Loan ABS Tracker as “mixed.”

Overall on a year-over-year basis, analysts indicated the performance for both the prime and subprime sectors exhibited higher losses and delinquencies, and lower recoveries.

According to the report released late on Wednesday, S&P Global Ratings determined the subprime net loss rate decreased to 5.07 percent in May from 5.36 percent in April. However, analysts noticed losses were higher year-over-year since the May 2015 reading came in at 4.06 percent.

“The decline in net losses since the beginning of the year reflects seasonality, wherein the losses generally decline from February through April (due in part to tax refunds), and occasionally May, as seen here with subprime losses,” S&P Global Ratings said.

Analysts noticed net losses in the prime sector in May ticked up to 0.43 percent, an increase from 0.40 percent in April and 0.29 percent in May of last year.

Recovery rates for the prime sector decreased to 59.84 percent in May from 67.26 percent in April 2016. Recoveries were lower on an annual basis, decreasing from 66.69 percent in May 2015.

Similarly, S&P Global Ratings found that recovery rates for the subprime sector also decreased to 44.72 percent in May from 48.57 percent in April. Year-over-year, the subprime recovery rate decreased from a level of 46.05 percent in May 2015, according to the firm.

“Recent recovery rates have been showing a downward trajectory for prime and subprime sectors,” S&P Global Ratings credit analyst Amy Martin said.