Press Release
DBRS Takes Rating Actions on U.S. Asset-Backed Securities
OtherDBRS Inc. has conducted a review of the following outstanding U.S. structured finance asset-backed securities transactions:
•Asset-based Lending
---Hana Financial SPV I, LLC
•Containers
---GL Finance II, Ltd.
•Film Receivables
---Dune Entertainment III, LLC
---Gun Hill Road II LLC
---Village Roadshow Films (BVI) Limited
•Healthcare Receivables
---Gemino Healthcare Funding, LLC
•Lottery Receivables
---Peachtree Lottery Master Trust
•Structured Settlements
---Novation Receivables Funding LLC, Series 2010-A
---NYLIMAC 2010-SS-1, LLC, Series 2010-1
---Peachtree Structured Settlements, LLC
---Structured Asset Receivable Fund I, LLC
•Venture Funding
---Horizon Credit I LLC
---Velocity Venture Funding, LLC
Of the 13 transactions reviewed, all 15 outstanding classes were confirmed. The collateral supporting each transaction is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.
In addition to examining delinquency and default information, as well as credit enhancement levels, DBRS reviews concentration limits for each transaction as well as whether any events of default or early amortization triggers have occurred, as applicable. Where appropriate, DBRS also assesses whether a transaction’s advance rate and weighted average rating factor is commensurate with the assigned rating and that the structure passes all facility tests.
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, in addition to the metrics noted above.
A copy of the above methodology can be found on our website under Methodologies.
Ratings
Dune Entertainment III, LLC
GL Finance II, Ltd.
Gemino Healthcare Funding, LLC
Gun Hill Road II LLC
Hana Financial SPV I, LLC
Horizon Credit I LLC
NYLIMAC 2010-SS-1, LLC
Novation Receivables Funding, LLC
Peachtree Lottery Master Trust
Peachtree Structured Settlements, LLC
Structured Asset Receivable Fund I, LLC
Velocity Venture Funding, LLC
Village Roadshow Films (BVI) Limited
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.
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Related Documents
Methodology Used:
Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Jayce Fox
Senior Vice President, US ABS Surveillance - Global Structured Finance
+1 203 883 5815
jayce.fox@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com