DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of six publicly rated U.S. structured finance asset-backed securities (ABS) transactions that are currently outstanding. Of the 24 classes reviewed, 20 were confirmed, three were upgraded and one was 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:
-- Exeter Automobile Receivables Trust 2012-1
-- Exeter Automobile Receivables Trust 2012-2
-- Exeter Automobile Receivables Trust 2013-1
-- Exeter Automobile Receivables Trust 2013-2
-- Exeter Automobile Receivables Trust 2014-1
-- Exeter Automobile Receivables Trust 2014-2

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

Exeter Automobile Receivables Trust 2012-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2012-1, Class B	AAA (sf)	--	Upgraded	US E
09-Feb-15	Series 2012-1, Class C	A (high) (sf)	--	Upgraded	US E
09-Feb-15	Series 2012-1, Class D	BB (sf)	--	Confirmed	US E
09-Feb-15	Series 2012-1, Class A	Discontinued	--	Disc.-Repaid	US

More

Exeter Automobile Receivables Trust 2012-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2012-2, Class A	AAA (sf)	--	Confirmed	US
09-Feb-15	Series 2012-2, Class B	A (high) (sf)	--	Upgraded	US
09-Feb-15	Series 2012-2, Class C	BBB (sf)	--	Confirmed	US
09-Feb-15	Series 2012-2, Class D	BB (sf)	--	Confirmed	US

More

Exeter Automobile Receivables Trust 2013-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2013-1, Class A	AAA (sf)	--	Confirmed	US
09-Feb-15	Series 2013-1, Class B	A (sf)	--	Confirmed	US
09-Feb-15	Series 2013-1, Class C	BBB (sf)	--	Confirmed	US
09-Feb-15	Series 2013-1, Class D	BB (sf)	--	Confirmed	US

More

Exeter Automobile Receivables Trust 2013-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2013-2, Class A	AAA (sf)	--	Confirmed	US
09-Feb-15	Series 2013-2, Class B	A (sf)	--	Confirmed	US
09-Feb-15	Series 2013-2, Class C	BBB (sf)	--	Confirmed	US
09-Feb-15	Series 2013-2, Class D	BB (sf)	--	Confirmed	US

More

Exeter Automobile Receivables Trust 2014-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2014-1, Class A	AAA (sf)	--	Confirmed	US
09-Feb-15	Series 2014-1, Class B	A (sf)	--	Confirmed	US
09-Feb-15	Series 2014-1, Class C	BBB (sf)	--	Confirmed	US
09-Feb-15	Series 2014-1, Class D	BB (sf)	--	Confirmed	US

More

Exeter Automobile Receivables Trust 2014-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Feb-15	Series 2014-2, Class A	AAA (sf)	--	Confirmed	US
09-Feb-15	Series 2014-2, Class B	A (sf)	--	Confirmed	US
09-Feb-15	Series 2014-2, Class C	BBB (sf)	--	Confirmed	US
09-Feb-15	Series 2014-2, Class D	BB (sf)	--	Confirmed	US

More

Exeter Automobile Receivables Trust 2012-1

Series 2012-1, Class B

Date Issued:Feb 9, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class C

Date Issued:Feb 9, 2015
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class A

Date Issued:Feb 9, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2012-2

Series 2012-2, Class A

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class B

Date Issued:Feb 9, 2015
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2013-1

Series 2013-1, Class A

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class B

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class C

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class D

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2013-2

Series 2013-2, Class A

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class B

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class C

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class D

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2014-1

Series 2014-1, Class A

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class D

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2014-2

Series 2014-2, Class A

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class B

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class C

Date Issued:Feb 9, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class D

Date Issued:Feb 9, 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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