DBRS Assigns Ratings to OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes

DBRS, Inc. (DBRS) has today assigned ratings to the following notes issued by OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes (the Trust):

-- B5 Notes rated A (sf)
-- B6 Notes rated A (sf)

Furthermore, DBRS has today discontinued the outstanding ratings on the following notes issued by the Trust due to repayment:

-- B1 Notes previously rated A (sf) now Discontinued – Repaid
-- B2 Notes previously rated A (sf) now Discontinued – Repaid

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 this transaction, the ratings address the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- OneMain’s capabilities with regards to originations, underwriting and servicing.
-- Acquisition of OneMain by Springleaf Holdings, Inc.
-- The credit quality of the collateral and performance of OneMain’s consumer loan portfolio. DBRS has used a hybrid approach in analyzing the OneMain portfolio that incorporates elements of static pool analysis, employed for assets such as consumer loans, and revolving asset analysis, employed for such assets as credit card master trusts.
-- The legal structure and presence of legal opinions.

Notes:
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are Rating U.S. Structured Finance Transactions and U.S. Credit Card Asset-Backed Securities, which can be found on our website under Methodologies.

Please see the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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