DBRS Assigns Rating to Mill River Funding Trust 2015-VFN1

DBRS, Inc. (DBRS) has today assigned a rating of A (sf) to the Notes issued by Mill River Funding Trust 2015-VFN1 (the Issuer).

The rating is based on a review by DBRS of the following analytical considerations:
-- Transaction capital structure, proposed rating 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.
-- OneMain Financial Group LLC’s (OneMain) 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 assets such as credit card master trusts.
-- 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 OneMain and that the trust has a valid first-priority security interest in the assets and is consistent with DBRS’s “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
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.