Press Release

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

Auto, Other, Equipment
May 01, 2015

DBRS, Inc. (DBRS) has today conducted a review of 14 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 67 publicly rated classes reviewed, 65 were confirmed, one was upgraded and one was discontinued due to repayment in full of the notes.

For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the class upgraded, asset performance has exceeded original expectations and credit enhancement is sufficient to cover DBRS’s expected losses at its new rating level.

The following public transactions were reviewed:
-- Brazos Higher Education Authority, Inc. 2004A Trust
-- Access Group, Inc., Series 2008-1
-- SLC Private Student Loan Trust 2010-B
-- Bush Leasing Trust 2011-A, LLC
-- Minnesota Office of Higher Education Adjustable Rate Supplemental SLP Revenue Bonds 2012, Series A & B
-- Nelnet Student Loan Trust 2012-4
-- Alliance Laundry Equipment Receivables Trust 2013-A
-- Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1
-- Hana Financial SPV I, LLC
-- Navient Student Loan Trust 2014-1
-- Foursight Capital Automobile Receivables Trust 2014-1
-- Nations Equipment Finance Funding II, LLC
-- First Investors Auto Owner Trust 2014-3
-- CPS Auto Receivables Trust 2014-D

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

Access Group, Inc., Series 2008-1
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Alliance Laundry Equipment Receivables Trust 2013-A
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Brazos Higher Education Authority, Inc. 2004A Trust
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Bush Leasing Trust 2011-A, LLC
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
CPS Auto Receivables Trust 2014-D
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:B (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
First Investors Auto Owner Trust 2014-3
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:R-1 (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Foursight Capital Automobile Receivables Trust 2014-1
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Hana Financial SPV I, LLC
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Minnesota Office of Higher Education Adjustable Rate Supplemental SLP Revenue Bonds 2012, Series A & B
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:R-1 (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:R-1 (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1
  • Date Issued:May 1, 2015
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Nations Equipment Finance Funding II, LLC
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Student Loan Trust 2014-1
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Nelnet Student Loan Trust 2012-4
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SLC Private Student Loan Trust 2010-B
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 1, 2015
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • 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.

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

May 01, 2015

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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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