Press Release

DBRS Confirms and Upgrades U.S. ABS Transactions

Consumer Loans & Credit Cards

January 13, 2017

DBRS, Inc. (DBRS) has today reviewed 30 ratings from eight U.S. structured finance asset-backed securities transactions. Of the 30 outstanding publicly rated classes reviewed, DBRS has confirmed 28 classes and upgraded two classes. 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 ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

The following eight transactions were reviewed:
-- OneMain Financial Issuance Trust 2014-1
-- OneMain Financial Issuance Trust 2014-2
-- OneMain Financial Issuance Trust 2015-1
-- OneMain Financial Issuance Trust 2015-2
-- OneMain Financial Issuance Trust 2015-3
-- OneMain Financial Issuance Trust 2016-1
-- OneMain Financial Issuance Trust 2016-2
-- OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes

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.

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 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.

Ratings

OneMain Financial Issuance Trust 2014-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Series 2014-1, Class A	AA (high) (sf)	--	Upgraded	US
13-Jan-17	Series 2014-1, Class B	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Class A	AA (high) (sf)	--	Upgraded	US
13-Jan-17	Class B	A (sf)	--	Confirmed	US
13-Jan-17	Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Class A	AA (sf)	--	Confirmed	US
13-Jan-17	Class B	A (sf)	--	Confirmed	US
13-Jan-17	Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Series 2015-2, Class A	AA (sf)	--	Confirmed	US
13-Jan-17	Series 2015-2, Class B	A (sf)	--	Confirmed	US
13-Jan-17	Series 2015-2, Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Series 2015-2, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Series 2015-3, Class A	AA (sf)	--	Confirmed	US
13-Jan-17	Series 2015-3, Class B	A (sf)	--	Confirmed	US
13-Jan-17	Series 2015-3, Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Series 2015-3, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Series 2016-1 Notes, Class A	AA (sf)	--	Confirmed	US
13-Jan-17	Series 2016-1 Notes, Class B	A (sf)	--	Confirmed	US
13-Jan-17	Series 2016-1 Notes, Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Series 2016-1 Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	Series 2016-2 Notes, Class A	AA (sf)	--	Confirmed	US
13-Jan-17	Series 2016-2 Notes, Class B	A (sf)	--	Confirmed	US
13-Jan-17	Series 2016-2 Notes, Class C	BBB (sf)	--	Confirmed	US
13-Jan-17	Series 2016-2 Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
13-Jan-17	B3 Notes	A (sf)	--	Confirmed	US
13-Jan-17	B4 Notes	A (sf)	--	Confirmed	US
13-Jan-17	B5 Notes	A (sf)	--	Confirmed	US
13-Jan-17	B6 Notes	A (sf)	--	Confirmed	US

OneMain Financial Issuance Trust 2014-1

Series 2014-1, Class A

Date Issued:Jan 13, 2017
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2014-2

Class A

Date Issued:Jan 13, 2017
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2015-1

Class A

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2015-2

Series 2015-2, Class A

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2015-3

Series 2015-3, Class A

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2016-1

Series 2016-1 Notes, Class A

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1 Notes, Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1 Notes, Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1 Notes, Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Issuance Trust 2016-2

Series 2016-2 Notes, Class A

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2 Notes, Class B

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2 Notes, Class C

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2 Notes, Class D

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes

B3 Notes

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

B4 Notes

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

B5 Notes

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

B6 Notes

Date Issued:Jan 13, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

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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