DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with two outstanding publicly rated classes. Both 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:

-- Nissan Collateralized Auto Receivables, LLC
-- PDRIVE LLC

Nissan Collateralized Auto Receivables, LLC is a warehouse facility collateralized primarily by auto loan receivables generated from the lending activities of Nissan Motor Acceptance Corporation. Credit enhancement for the facility is provided by overcollateralization and a reserve account.

PDRIVE, LLC is a warehouse facility collateralized primarily by auto lease and auto loan receivables generated from the leasing and lending activities of Porsche Financial Services, Inc. Credit enhancement for the facility is provided by overcollateralization.

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.

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.

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

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.