Press Release

DBRS Confirms Ratings of U.S. ABS Transactions

Auto

February 06, 2015

DBRS, Inc. (DBRS) has today conducted a review of four publicly rated U.S. structured finance asset-backed securities (ABS) transactions that are currently outstanding. Of the 20 classes reviewed, 18 were confirmed and two were discontinued due to full repayment of the notes.

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.

The following public transactions were reviewed:
-- UACC Auto Financing Trust II
-- California Republic Auto Receivables Trust 2014-1
-- California Republic Auto Receivables Trust 2014-2
-- United Auto Credit Securitization Trust 2014-1

Notes:
The applicable methodology is 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 this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

California Republic Auto Receivables Trust 2014-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Feb-15	Series 2014-1 Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
06-Feb-15	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class A-4	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class B	A (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Feb-15	Series 2014-2 Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
06-Feb-15	Series 2014-2 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-2 Notes, Class A-3	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-2 Notes, Class A-4	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-2 Notes, Class B	A (sf)	--	Confirmed	US
06-Feb-15	Series 2014-2 Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Feb-15	Class A	AA (sf)	--	Confirmed	US E
06-Feb-15	Class B	A (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Feb-15	Series 2014-1 Notes, Class A-1	R-1 (high) (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class B	AA (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class C	A (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class D	BBB (sf)	--	Confirmed	US
06-Feb-15	Series 2014-1 Notes, Class E	BB (sf)	--	Confirmed	US

California Republic Auto Receivables Trust 2014-1

Series 2014-1 Notes, Class A-1

Date Issued:Feb 6, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-3

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-4

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2014-2

Series 2014-2 Notes, Class A-1

Date Issued:Feb 6, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A-2

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A-3

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A-4

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class C

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

UACC Auto Financing Trust II

Class A

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

United Auto Credit Securitization Trust 2014-1

Series 2014-1 Notes, Class A-1

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class D

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class E

Date Issued:Feb 6, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

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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