DBRS Confirms and Upgrades Ratings on U.S. Auto Asset-Backed Securities
Auto, EquipmentDBRS Inc. has conducted a sector review of its outstanding U.S. structured finance auto asset-backed securities transactions that were originally rated through December 31, 2010. The review included auto loans, auto leases, and dealer floorplan securitizations. Of the 28 publicly rated series reviewed, 91 classes were confirmed, 10 classes were upgraded and 9 classes were discontinued due to repayment of the noteholders.
The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.
The following public transactions have been reviewed:
•Ally Master Owner Trust 2010-1
•Automotive Leasing Receivables LLC
•Capital Auto Receivables Asset Trust 2006-2
•Capital Auto Receivables Asset Trust 2007-2
•Capital Auto Receivables Asset Trust 2008-1
•Chrysler Financial Auto Securitization Trust 2008-A
•Chrysler Financial Auto Securitization Trust 2008-B
•Chrysler Financial Auto Securitization Trust, Series 2010-A
•Credit Acceptance Auto Loan Trust 2009-1
•Credit Acceptance Auto Loan Trust 2010-1
•DT Auto Owner Trust 2009-1
•DT Auto Owner Trust 2010-1
•Ford Credit Auto Owner Trust 2009-D
•Ford Credit Floorplan Master Owner Trust A, Series 2009-2
•Ford Credit Floorplan Master Owner Trust A, Series 2010-1
•Ford Credit Floorplan Master Owner Trust A, Series 2010-2
•Ford Credit Floorplan Master Owner Trust A, Series 2010-3
•HELIOS Finance Limited Partnership 2007-S1
•Navistar Financial 2010-A Owner Trust
•Navistar Financial 2010-B Owner Trust
•Platte River Receivables, Inc.
•Santander Drive Auto Receivables Trust 2010-1
•Santander Drive Auto Receivables Trust 2010-2
•Santander Drive Auto Receivables Trust 2010-3
•Santander Drive Auto Receivables Trust 2010-A
•Santander Drive Auto Receivables Trust 2010-B
•Westlake Automobile Receivables Trust 2010-1
Notes:
DBRS rating definitions and the terms of use of such ratings are available at www.dbrs.com.
The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.
Ratings
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.