DBRS Downgrades the Rating on DT Warehouse IV, LLC based on Amended Warehouse Transaction Provisions

In consideration of amended warehouse transaction provisions effected today, DBRS has downgraded the rating of the Class A notes of the DT Warehouse IV, LLC transaction from AA (sf) to A (sf). These changes include modifications to advance rate requirements, collateral concentration limits and facility performance trigger mechanisms which are commensurate with an A (sf) rating.

The Class A coverage multiple deviates slightly from DBRS published multiples in this asset class. DBRS believes that the applied coverage multiple more closely reflects the expectations for performance on, and the anticipated volatility related to, auto loan portfolio originated and serviced by the DriveTime Automotive Group, Inc. and related entities.

Notes:
The applicable methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on our website under Methodologies.

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