DBRS Finalizes Provisional Ratings on California Republic Auto Receivables Trust 2015-3

DBRS, Inc. (DBRS) has today finalized its provisional ratings on 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 ratings are based on the following considerations:

-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- 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 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.

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

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

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.