Press Release

DBRS Confirms, Upgrades and Discontinues Ratings of U.S. ABS Transactions

Auto, Equipment, Student Loans
March 12, 2016

DBRS, Inc. (DBRS) has conducted a review of 13 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 46 securities reviewed, DBRS has today confirmed 37, upgraded seven and discontinued two due to repayment in full.

For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the upgraded securities, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

The following public transactions were reviewed:
-- Axis Equipment Finance Receivables II, LLC
-- Axis Equipment Finance Receivables III LLC
-- CNH Wholesale Master Note Trust Series 2013-2
-- Driver Australia One Trust
-- Driver Australia Two Trust
-- Navitas Equipment Receivables LLC 2015-1 LLC
-- New Hampshire Health and Education Facilities Authority
-- OneMain Financial Issuance Trust 2014-1
-- OneMain Financial Issuance Trust 2014-2
-- OneMain Financial Issuance Trust 2015-1
-- OneMain Financial Issuance Trust 2015-2
-- SNACC Auto Receivables Trust 2014-1
-- PCARS, LLC

Please see the attached appendix for additional information regarding the assumptions used in the rating process and related performance, which could affect rating sensitivity.

Notes:
The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

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

Ratings

Axis Equipment Finance Receivables II, LLC
Axis Equipment Finance Receivables III LLC
CNH Wholesale Master Note Trust Series 2013-2
Driver Australia One Trust
Driver Australia Two Trust
Navitas Equipment Receivables LLC 2015-1 LLC
New Hampshire Health and Education Facilities Authority
OneMain Financial Issuance Trust 2014-1
OneMain Financial Issuance Trust 2014-2
OneMain Financial Issuance Trust 2015-1
OneMain Financial Issuance Trust 2015-2
PCARS, LLC
SNAAC Auto Receivables Trust 2014-1
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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