Press Release

DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions

Auto, Other, Equipment
March 31, 2014

DBRS has conducted a review of several outstanding U.S. structured finance asset-backed securities transactions. Of the 14 publicly rated series reviewed, DBRS has today confirmed 33 outstanding classes, has upgraded ten classes, and has discontinued five classes due to full repayment of the notes.

The collateral supporting the transactions is performing within DBRS expectations. For the ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient enough 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:
-- Axis Equipment Finance Receivables LLC
-- CCG Receivables Trust 2012-1
-- CCG Receivables Trust 2013-1
-- CIT Equipment Collateral 2012-VT1
-- DT Warehouse IV, LLC
-- Exeter Automobile Receivables Trust 2012-1
-- Exeter Automobile Receivables Trust 2012-2
-- Exeter Automobile Receivables Trust 2013-1
-- FCC Financing Subsidiary VIII, LLC
-- Global SC Finance SRL
-- Marine One Funding Corporation
-- Prestige Auto Receivables Trust 2011-1
-- Prestige Auto Receivables Trust 2012-1
-- Prestige Auto Receivables Trust 2013-1

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.

Ratings

Axis Equipment Finance Receivables LLC
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
CCG Receivables Trust 2012-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
CCG Receivables Trust 2013-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
CIT Equipment Collateral 2012-VT1
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
DT Warehouse IV, LLC
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Exeter Automobile Receivables Trust 2012-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Exeter Automobile Receivables Trust 2012-2
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Exeter Automobile Receivables Trust 2013-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
FCC Financing Subsidiary VIII, LLC
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Global SC Finance SRL
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Marine One Funding Corporation
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Prestige Auto Receivables Trust 2011-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 31, 2014
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Prestige Auto Receivables Trust 2012-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Prestige Auto Receivables Trust 2013-1
  • Date Issued:Mar 31, 2014
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 31, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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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DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions

Mar 31, 2014

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Contacts

  • Claire Mezzanotte
    Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
    +(1) 212 806 3272
  • Maxim Berger
    Assistant Vice President, US ABS & Surveillance - Global Structured Finance
    +1 212 806 3279
  • Jayce Fox
    Senior Vice President, US ABS Surveillance - Global Structured Finance
    +1 203 883 5815
  • Jan Buckler
    Senior Vice President, Sector Lead - Global Structured Finance Ratings
    +(1) 212 806 3925

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