DBRS Assigns Ratings to SIAF LLC

DBRS has today assigned an A (sf) rating to the Class A notes issued by SIAF LLC (the Notes). The Notes are issued pursuant to an amortizing term loan which is collateralized by auto loan receivables that are non-performing, have consumers in bankruptcy or have high loan to values.

The transaction provides for coverage multiples slightly below DBRS customary multiples in this asset class. DBRS believes that this is warranted given the magnitude of expected loss and structural features of the transaction.

Note:

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

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