DBRS Upgrades Ratings of California Republic Auto Loan Transactions

DBRS has upgraded the Class A and Class B tranches of California Republic Auto Receivables Trust 2012-1 and 2013-1.

DBRS conducted a review of both transactions. The collateral supporting the transactions is exhibiting positive performance trends and experienced increases in credit support. Furthermore, DBRS has given credit to operational improvements made by the Servicer and Originator, California Republic Bank. The rating upgrades are a result of the positive trends in collateral performance and the operational improvements. The Class A-1 tranche from the Series 2013-1 has been discontinued due to repayment of the notes.

The classes were reviewed as follows:
-- Series 2012-1 Class A, previously rated AA (sf) upgraded to AAA (sf)
-- Series 2012-1 Class B, previously rated A (high) (sf) upgraded to AA (sf)
-- Series 2012-1 Class C, confirmed at BBB (sf)
-- Series 2013-1 Class A-1, previously rated R-1 (high) (sf) now rated Discontinued -- Repaid
-- Series 2013-1 Class A-2, previously rated AA (sf) upgraded to AAA (sf)
-- Series 2013-1 Class B, previously rated “A” (sf) upgraded to AA (sf)
-- Series 2013-1 Class C, confirmed at BBB (sf)

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.