DBRS Assigns Provisional Ratings to California Republic Auto Receivables Trust 2015-3

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following Notes issued by California Republic Auto Receivables Trust 2015-3:

-- Class A-1 at R-1 (high) (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class B at A (sf)
-- Class C at BBB (sf)

The rating is based on the following considerations:
-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- Credit enhancement is in the form of subordination, overcollateralization, a fully funded reserve fund and excess spread. Credit enhancement levels are sufficient to support DBRS-projected expected cumulative net loss assumptions under various stress scenarios.
-- Quality of management and transaction parties.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested.
-- The transaction parties’ capabilities with regards to originations, underwriting and servicing and financial strength of California Republic Bank (CRB).
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that will address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with CRB, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

For additional detail please refer to the DBRS presale report for this issue.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.