DBRS Assigns Provisional Ratings to Driver Australia One Trust

DBRS, Inc. (“DBRS”) has today assigned a AAA (sf) provisional rating and an ‘A’ (high) (sf) provisional rating to the Class A and Class B Notes, respectively, issued by Driver Australia One Trust. The receivables to be securitised consist of chattel mortgages and commercial hire purchase and consumer loan contracts related to motor vehicles.

The ratings are based upon review by DBRS of the following analytical considerations:

• Transaction capital structure and form and sufficiency of available credit enhancement.
• Relevant credit enhancement in the form of a cash collateral account, and various forms of subordination including the Class B Notes, a Subordinated Loan, and a Collateral Loan. Credit enhancement levels are sufficient to support the DBRS projected expected cumulative net loss assumption under various stress scenarios at a AAA (sf) standard for the Class A Notes and a ‘A’ (high) (sf) standard for the Class B Notes issued by Driver Australia One Trust.
• The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.
• The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
• The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.

Note:
All figures are in AUD unless otherwise noted.

The principal methodologies applicable are:
• Legal Criteria for U.S. Structured Finance Transactions.
• Rating U.S. Retail Auto Loan Securitizations
• Derivative Criteria for European Structured Finance Transactions.
• Operational Risk Assessment for U.S. ABS Servicers.
• Unified Interest Rate Model for U.S. Auto Loan ABS Transactions.

These can be found on dbrs.com under Methodologies.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

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