DBRS Confirms and Upgrades Ratings of US ABS Transactions
Auto, Other, EquipmentDBRS, Inc. (DBRS) has conducted a review of 24 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 109 classes reviewed, 76 were confirmed, 21 were upgraded, and 12 were discontinued 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:
-- LEAF Receivables Funding 5, LLC - Equipment Contract Backed Notes, Series 2010-4
-- AmeriCredit Automobile Receivables Trust 2011-2
-- LEAF Receivables Funding 7, LLC - Equipment Contract Backed Notes, Series 2011-2
-- First Investors Auto Owner Trust 2011-2
-- DT Auto Owner Trust 2012-1
-- DT Auto Owner Trust 2012-2
-- First Investors Auto Owner Trust 2012-2
-- LEAF Receivables Funding 8, LLC - Equipment Contract Backed Notes, Series 2012-1
-- AmeriCredit Automobile Receivables Trust 2013-1
-- First Investors Auto Owner Trust 2013-1
-- Direct Capital Funding IV, LLC Equipment Contract Backed Notes, Series 2013-1
-- DT Auto Owner Trust 2013-1
-- First Investors Auto Owner Trust 2013-2
-- DT Auto Owner Trust 2013-2
-- LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1
-- Direct Capital Funding V, LLC, Series 2013-2
-- JGWPT XXX LLC Fixed Rate Asset-Backed Notes, Series 2013-3
-- AmeriCredit Automobile Receivables Trust 2013-5
-- First Investors Auto Owner Trust 2013-3
-- DT Auto Owner Trust 2014-1
-- AmeriCredit Automobile Receivables Trust 2014-1
-- First Investors Auto Owner Trust 2014-1
-- DT Auto Owner Trust 2014-2
-- First Investors Auto Owner Trust 2014-2
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.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
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