Press Release
DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions
Auto, Other, EquipmentDBRS has conducted a review of 15 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 38 classes reviewed, DBRS has today confirmed 33 classes, has upgraded two classes, and has discontinued three 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 were reviewed:
-- Alliance Laundry Equipment Receivables Trust 2013-A
-- CNH Wholesale Master Note Trust Series 2013-2
-- First Investors Auto Owner Trust 2013-2
-- First Investors Auto Owner Trust 2013-3
-- First Investors Receivables Funding, LLC
-- Hana Financial SPV I, LLC
-- HELIOS Finance Limited Partnership 2007-S1
-- HFG Healthco-4 LLC, Healthcare Receivables-Backed Notes, Series 2011-1
-- J.G. Wentworth XXIII LLC Fixed Rate Asset-Backed Notes, Series 2011-1
-- Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1
-- Navistar Financial 2012-A Owner Trust
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2013-1
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2013-2
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
Alliance Laundry Equipment Receivables Trust 2013-A
CNH Wholesale Master Note Trust Series 2013-2
First Investors Auto Owner Trust 2013-2
First Investors Auto Owner Trust 2013-3
First Investors Receivables Funding, LLC
HELIOS Finance Limited Partnership 2007-S1
HFG Healthco-4 LLC, Healthcare Receivables-Backed Notes, Series 2011-1
Hana Financial SPV I, LLC
J.G. Wentworth XXIII LLC Fixed Rate Asset-Backed Notes, Series 2011-1
Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1
Navistar Financial 2012-A Owner Trust
Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN
Navistar Financial Dealer Note Master Owner Trust II, Series 2013-1
Navistar Financial Dealer Note Master Owner Trust II, Series 2013-2
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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Related Documents
Methodology Used:
Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Maxim Berger
Assistant Vice President, US ABS & Surveillance - Global Structured Finance
+1 212 806 3279
mberger@dbrs.com - Jayce Fox
Senior Vice President, US ABS Surveillance - Global Structured Finance
+1 203 883 5815
jayce.fox@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com