DBRS Assigns Provisional Ratings to GO Financial Auto Securitization Trust 2015-2

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

-- Series 2015-2 Notes, Class A rated A (sf)
-- Series 2015-2 Notes, Class B rated BBB (sf)
-- Series 2015-2 Notes, Class C rated BB (low) (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.
-- Credit enhancement is in the form of overcollateralization, subordination, amounts held in the reserve fund and excess spread. Credit enhancement levels are sufficient to support the DBRS-projected expected cumulative net loss assumption under various stress scenarios.
-- 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 ratings address the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The Transaction provides for Class A, Class B and Class C coverage multiples slightly below the DBRS range of multiples set forth in the criteria for this asset class. DBRS believes that this is warranted given the magnitude of expected loss and structural features of the transaction.
-- DBRS has performed an operational review of GO Financial and considers the entity to be an acceptable originator and servicer of subprime auto loans with an acceptable backup servicer.
-- Wells Fargo Bank, N.A., an experienced auto loan servicer, is the backup servicer for the GO Financial portfolio.
-- Review of 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 GO Financial, 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:
These ratings are 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.

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