DBRS Assigns Rating to Westlake Funding VII LLC

DBRS has today assigned the following ratings related to the $300,000,000 Westlake Funding VII LLC facility:

-- Withdrawal of the previous rating of AAA (sf)
-- Assignment of a new rating of AA (sf)

The facility is a warehouse provided to Westlake Services, LLC, d.b.a. Westlake Financial Services (Westlake) for the financing of auto loan receivables originated by Westlake. The rating actions taken relate to structural amendments to the facility (the Amendments). DBRS has withdrawn its previous rating of AAA (sf) at the request of the investors. Pursuant to the Amendments and related credit enhancement, DBRS has assigned a new rating of AA (sf). Performance in the facility has been in line with expectations and credit enhancement in the facility is sufficient to cover DBRS’s expected losses.

Note:
All figures are in U.S. dollars unless otherwise noted.

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.