DBRS Upgrades Ratings of First Investors Auto Owner Trust 2011-1

DBRS, Inc. (DBRS) has confirmed and upgraded the ratings on the classes issued by First Investors Auto Owner Trust 2011-1. The collateral supporting the classes 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 classes have been reviewed:

• Class A-2 confirmed at AAA (sf)
• Class B previously rated AA (sf) now rated AAA (sf)
• Class C previously rated ‘A’ (sf) now rated AA (sf)
• Class D previously rated BBB (sf) now rated ‘A’ (sf)
• Class E previously rated BB (sf) now rated BBB (sf)

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.