DBRS Confirms Ratings of US Auto ABS Transactions

DBRS, Inc. (DBRS) has conducted a review of several outstanding U.S. structured finance auto asset-backed securities transactions. Of the 4 publicly rated series reviewed, 9 outstanding classes were confirmed, 10 classes were upgraded, and 1 class was discontinued due to repayment of the notes.

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:
• AmeriCredit Automobile Receivables Trust 2011-2
• AmeriCredit Automobile Receivables Trust 2011-3
• Chrysler Financial Auto Securitization Trust, Series 2010-A
• Santander Consumer Acquired Receivables Trust 2011-WO

Notes:
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.