DBRS Finalizes Provisional Ratings on Prestige Auto Receivables Trust 2016-1

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes issued by Prestige Auto Receivables Trust 2016-1 (Prestige):

-- Class A-1 Notes rated R-1 (high) (sf)
-- Class A-2 Notes rated AAA (sf)
-- Class A-3 Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (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 this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The transaction parties’ capabilities with regards to originations, underwriting and servicing.
-- The credit quality of the collateral and performance of Prestige’s auto loan portfolio.
-- 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 Prestige, and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS methodology “Legal Criteria for U.S. Structured Finance.”

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

The applicable methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on our website under Methodologies.

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

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.