DBRS Assigns Provisional Ratings to Skopos Auto Receivables Trust 2015-2

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following classes issued by Skopos Auto Receivables Trust 2015-2 (Skopos 2015-2):

-- Series 2015-2, Class A rated A (sf)
-- Series 2015-2, Class B rated BBB (sf)
-- Series 2015-2, Class C rated BB (low) (sf)
-- Series 2015-2, Class D rated B (sf)

The 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 Skopos 2015-2, the ratings address the payment of timely interest on a monthly basis and the payment of principal by the legal final maturity date.
-- The capabilities of Skopos with regards to originations, underwriting and servicing.
-- DBRS used a proxy analysis in its development of an expected loss.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with Skopos, that the trust has a valid first-priority security interest in the assets and the consistency with DBRS’s “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.