DBRS Confirms Ratings on Mercedes-Benz Auto Receivables Trust 2015-1 and Santander Drive Auto Receivables Trust 2015-4

DBRS, Inc. (DBRS) has today confirmed the ratings of two U.S. structured finance asset-backed securities transactions, Mercedes-Benz Auto Receivables Trust 2015-1 and Santander Drive Auto Receivables Trust 2015-4. Of the 13 outstanding publicly rated classes reviewed, 11 were confirmed as having credit-enhancement levels sufficient to cover DBRS’s expected losses at their current respective rating levels and two were discontinued due to full repayment.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

The confirmation of the outstanding ratings of Mercedes-Benz Auto Receivables Trust 2015-1 reflects 4.03% of current credit enhancement provided by the reserve account (0.37%) and overcollateralization (3.66%). As of the June 2016 payment date, the total delinquency ratio was 0.39%. The cumulative net loss ratio was 0.19% of the original collateral balance.

The confirmation of the outstanding ratings of Santander Drive Auto Receivables Trust 2015-4 reflects 69.65% of current credit enhancement provided by subordination (50.01%), the reserve account (2.64%) and overcollateralization (17.00%). As of the June 2016 payment date, the total delinquency ratio was 9.36%. The cumulative net loss ratio was 2.46% of the original collateral balance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see 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.