Press Release

DBRS Upgrades Six, Confirms Seven Ratings of U.S. ABS Transactions

Other
February 23, 2017

DBRS, Inc. (DBRS) has today upgraded six ratings and confirmed seven ratings from six U.S. structured finance asset-backed securities transactions. The upgrades are based on performance trends and credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels. The confirmations are based on performance trends and credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

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 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

BXG Receivables Note Trust 2016-A
Westgate Resorts 2013-1 LLC
Westgate Resorts 2014-1 LLC
Westgate Resorts 2015-1 LLC
Westgate Resorts 2015-2 LLC
Westgate Resorts 2016-1 LLC
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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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