DBRS Assigns Provisional Ratings to Westlake Automobile Receivables Trust 2015-3

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following classes issued by Westlake Automobile Receivables Trust 2015-3:

-- Series 2015-3, Class A-1 rated R-1 (high) (sf)
-- Series 2015-3, Class A-2A rated AAA (sf)
-- Series 2015-3, Class A-2B rated AAA (sf)
-- Series 2015-3, Class B rated AA (sf)
-- Series 2015-3, Class C rated A (sf)
-- Series 2015-3, Class D rated BBB (sf)
-- Series 2015-3, Class E rated BB (sf)

The provisional ratings are based on a review by DBRS of the following analytical considerations:

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date for each class.
-- The Westlake 2015-3 transaction has positive structural features, including a targeted overcollateralization (OC) of 7.40% of the current pool balance, which steps down to 6.40%. Initial OC levels start at 2.15% and is subject to a floor of 1.00% of the initial pool balance.
-- The credit quality of the collateral and performance of the auto loan portfolio by origination channels.
-- The capabilities of Westlake Services, LLC (Westlake) with regard to originations, underwriting and servicing.
-- The quality and consistency of provided historical static pool data for Westlake originations and performance of the Westlake auto loan portfolio.
-- Wells Fargo Bank, N.A. (rated AA/R-1 (high)/Stable by DBRS) has served as a backup servicer for Westlake since 2003 when a conduit facility was put in place.
-- 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 Westlake, 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:
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 or by contacting us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.