Press Release

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

ABCP, Auto

June 12, 2015

DBRS, Inc. (DBRS) has conducted a review of 11 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 37 publicly rated securities reviewed, DBRS has today confirmed 13, upgraded 17 and discontinued seven due to repayment of the Notes in full.

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 upgraded classes, asset performance has exceeded original expectations and credit enhancement is sufficient to cover DBRS’s expected losses at their new rating levels.

The following public transactions were reviewed:

-- Versailles Commercial Paper LLC - Harrison Petroleum Finance (2002)
-- First Investors Auto Owner Trust 2011-2
-- First Investors Auto Owner Trust 2012-1
-- Exeter Automobile Receivables Trust 2012-1
-- SNAAC Auto Receivables Trust 2012-1
-- Exeter Automobile Receivables Trust 2012-2
-- SNAAC Auto Receivables Trust 2013-1
-- Exeter Automobile Receivables Trust 2013-1
-- DT Auto Owner Trust 2013-1
-- Exeter Automobile Receivables Trust 2013-2
-- DT Auto Owner Trust 2013-2

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.

Ratings

DT Auto Owner Trust 2013-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2013-1 Notes, Class C	AAA (sf)	--	Upgraded	US
12-Jun-15	Series 2013-1 Notes, Class D	BBB (sf)	--	Confirmed	US
12-Jun-15	Series 2013-1 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Class B	AAA (sf)	--	Upgraded	US
12-Jun-15	Class C	AA (low) (sf)	--	Upgraded	US
12-Jun-15	Class D	BBB (sf)	--	Confirmed	US
12-Jun-15	Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2012-1, Class C	AAA (sf)	--	Upgraded	US E
12-Jun-15	Series 2012-1, Class D	BBB (low) (sf)	--	Upgraded	US E
12-Jun-15	Series 2012-1, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2012-2, Class B	AAA (sf)	--	Upgraded	US
12-Jun-15	Series 2012-2, Class C	A (sf)	--	Upgraded	US
12-Jun-15	Series 2012-2, Class D	BB (sf)	--	Confirmed	US
12-Jun-15	Series 2012-2, Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2013-1, Class A	AAA (sf)	--	Confirmed	US
12-Jun-15	Series 2013-1, Class B	AAA (sf)	--	Upgraded	US
12-Jun-15	Series 2013-1, Class C	A (low) (sf)	--	Upgraded	US
12-Jun-15	Series 2013-1, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2013-2, Class A	AAA (sf)	--	Confirmed	US
12-Jun-15	Series 2013-2, Class B	AAA (sf)	--	Upgraded	US
12-Jun-15	Series 2013-2, Class C	A (high) (sf)	--	Upgraded	US
12-Jun-15	Series 2013-2, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2011-2 Notes, Class C	AAA (sf)	--	Confirmed	US E
12-Jun-15	Series 2011-2 Notes, Class D	AAA (sf)	--	Upgraded	US E
12-Jun-15	Series 2011-2 Notes, Class E	A (low) (sf)	--	Upgraded	US E
12-Jun-15	Series 2011-2 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2012-1, Class C	AAA (sf)	--	Confirmed	US E
12-Jun-15	Series 2012-1, Class D	AA (sf)	--	Upgraded	US E
12-Jun-15	Series 2012-1, Class E	BBB (sf)	--	Upgraded	US E
12-Jun-15	Series 2012-1, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Series 2012-1 Notes, Class C	AAA (sf)	--	Confirmed	US E
12-Jun-15	Series 2012-1 Notes, Class D	A (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Class B	AAA (sf)	--	Confirmed	US
12-Jun-15	Class C	A (sf)	--	Upgraded	US
12-Jun-15	Class D	BB (sf)	--	Confirmed	US
12-Jun-15	Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Jun-15	Liquidity Loan Agreement	AA (sf)	--	Confirmed	US

DT Auto Owner Trust 2013-1

Series 2013-1 Notes, Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class D

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2013-2

Class B

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class A

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2012-1

Series 2012-1, Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2012-2

Series 2012-2, Class B

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class A

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2013-1

Series 2013-1, Class A

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class B

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class D

Date Issued:Jun 12, 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:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class B

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class D

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2011-2

Series 2011-2 Notes, Class C

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class D

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class E

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2012-1

Series 2012-1, Class C

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class E

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

SNAAC Auto Receivables Trust 2012-1

Series 2012-1 Notes, Class C

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class D

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

SNAAC Auto Receivables Trust 2013-1

Class B

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 12, 2015
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Class A

Date Issued:Jun 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Versailles Commercial Paper LLC - Harrison Petroleum Finance (2002)

Liquidity Loan Agreement

Date Issued:Jun 12, 2015
Rating Action:Confirmed
Ratings:AA (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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