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

DBRS, Inc. (DBRS) has conducted a review of 18 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 68 publicly rated securities reviewed, 66 were confirmed, one was upgraded and one was discontinued 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 security, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at its new rating level.

The following public transactions were reviewed:

First Investors Auto Owner Trust 2015-1
Foursight Capital Automobile Receivables Trust 2014-1
Hertz Vehicle Financing II LP
-- Series 2013- A
-- Series 2013- B
-- Series 2014- A
-- Series 2015- 1
-- Series 2015- 2
-- Series 2015- 3
JGW V, LLC
Navient Student Loan Trust 2014-1
Navient Student Loan Trust 2015-2
PFS Financing Corp.
Stone Street Receivables Funding 2015-1
Structured Asset Funding Securitization I LLC, Series 2015-A
World Financial Capital Master Note Trust Series 2009-VFN
World Financial Network Credit Card Master Note Trust Series 2009-VFN
World Financial Network Credit Card Master Note Trust Series 2012-D
World Financial Network Credit Card Master Note Trust Series 2013-B
World Financial Network Credit Card Master Note Trust Series 2014-C
World Financial Network Credit Card Master Note Trust Series 2015-A
World Financial Network Credit Card Master Note Trust Series 2015-B
World Financial Network Credit Card Master Note Trust Series 2015-C
World Financial Network Credit Card Master Trust III, Series 2009-VFC1

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

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