Press Release

DBRS Confirms Ratings of U.S. ABS Transactions

Auto, Equipment, Student Loans
March 17, 2015

DBRS, Inc. (DBRS) has today conducted a review of eight publicly rated U.S. structured finance asset-backed securities (ABS) transactions that are currently outstanding. Of the 23 classes reviewed, all were confirmed.

The collateral supporting the transactions is performing within DBRS expectations. 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:

-- Credit Acceptance Auto Loan Trust 2013-1
-- United Auto Credit Securitization Trust 2013-1
-- Credit Acceptance Auto Loan Trust 2013-2
-- New Hampshire Health and Education Facilities Authority
-- Credit Acceptance Auto Loan Trust 2014-1
-- BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1
-- CPS Auto Receivables Trust 2014-B
-- CPS Auto Receivables Trust 2014-C

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

BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
CPS Auto Receivables Trust 2014-B
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:B (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
CPS Auto Receivables Trust 2014-C
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:B (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Credit Acceptance Auto Loan Trust 2013-1
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Credit Acceptance Auto Loan Trust 2013-2
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Credit Acceptance Auto Loan Trust 2014-1
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
New Hampshire Health and Education Facilities Authority
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
United Auto Credit Securitization Trust 2013-1
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Mar 17, 2015
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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.

Related Documents

Methodology Used:

Issuers

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Contacts

  • Claire Mezzanotte
    Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
    +(1) 212 806 3272
  • Maxim Berger
    Assistant Vice President, US ABS & Surveillance - Global Structured Finance
    +1 212 806 3279
  • Jayce Fox
    Senior Vice President, US ABS Surveillance - Global Structured Finance
    +1 203 883 5815
  • Jan Buckler
    Senior Vice President, Sector Lead - Global Structured Finance Ratings
    +(1) 212 806 3925

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