Press Release
DBRS Confirms Ratings on U.S. ABS Transactions
OtherDBRS, Inc. (DBRS) has today conducted a review of 14 publicly rated U.S. structured finance asset-backed securities with 28 outstanding publicly rated classes. All of the 28 publicly rated classes reviewed were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.
The following public transactions were reviewed:
-- J.G. Wentworth XXIII LLC Fixed Rate Asset-Backed Notes, Series 2011-1
-- JGWPT XXIV LLC Fixed Rate Asset-Backed Notes, Series 2011-2
-- JGWPT XXV LLC Fixed Rate Asset-Backed Notes, Series 2012-1
-- JGWPT XXVI LLC Fixed Rate Asset-Backed Notes, Series 2012-2
-- JGWPT XXVII LLC Fixed Rate Asset-Backed Notes, Series 2012-3
-- JGWPT XXVIII LLC Fixed Rate Asset-Backed Notes, Series 2013-1
-- JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
-- JGWPT XXX LLC Fixed Rate Asset-Backed Notes, Series 2013-3
-- JGWPT XXXI LLC Fixed Rate Asset-Backed Notes, Series 2014-1
-- JGWPT XXXII LLC Fixed Rate Asset-Backed Notes, Series 2014-2
-- J.G. Wentworth XXXIII LLC Fixed Rate Asset-Backed Notes, Series 2014-3
-- J.G. Wentworth XXXIV LLC Fixed Rate Asset-Backed Notes, Series 2015-1
-- J.G. Wentworth XXXV LLC Fixed Rate Asset-Backed Notes, Series 2015-2
-- J.G. Wentworth XXXVI LLC Fixed Rate Asset Backed Notes, Series 2015-3
The DBRS 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.
-- Credit quality of the collateral pool and the historical performance of the above-referenced transactions.
The notes are supported by subordination, overcollateralization and a reserve fund.
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.
Ratings
J.G. Wentworth XXIII LLC Fixed Rate Asset-Backed Notes, Series 2011-1
J.G. Wentworth XXXIII LLC Fixed Rate Asset-Backed Notes, Series 2014-3
J.G. Wentworth XXXIV LLC Fixed Rate Asset-Backed Notes, Series 2015-1
J.G. Wentworth XXXV LLC Fixed Rate Asset-Backed Notes, Series 2015-2
J.G. Wentworth XXXVI LLC Fixed Rate Asset Backed Notes, Series 2015-3
JGWPT XXIV LLC Fixed Rate Asset-Backed Notes, Series 2011-2
JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
JGWPT XXV LLC Fixed Rate Asset-Backed Notes, Series 2012-1
JGWPT XXVI LLC Fixed Rate Asset-Backed Notes, Series 2012-2
JGWPT XXVII LLC Fixed Rate Asset-Backed Notes, Series 2012-3
JGWPT XXVIII LLC Fixed Rate Asset-Backed Notes, Series 2013-1
JGWPT XXX LLC Fixed Rate Asset-Backed Notes, Series 2013-3
JGWPT XXXI LLC Fixed Rate Asset-Backed Notes, Series 2014-1
JGWPT XXXII LLC Fixed Rate Asset-Backed Notes, Series 2014-2
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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Related Documents
Methodology Used:
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Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Mark Zelmanovich
Senior Vice President - US ABS Ratings, Surveillance
+(1) 212 806 3254
mark.zelmanovich@morningstar.com - Jayce Fox
Senior Vice President, US ABS Surveillance - Global Structured Finance
+1 203 883 5815
jayce.fox@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com