Press Release
DBRS Upgrades Three, Confirms 19 Classes in Eight U.S. ABS Transactions
Auto, Equipment, Consumer Loans & Credit CardsDBRS, Inc. (DBRS) has today reviewed 22 ratings from eight U.S. structured finance asset-backed securities transactions. Of the 22 outstanding publicly rated classes reviewed, DBRS has confirmed 19 classes and upgraded three 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 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 principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com 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
Ally Funding Transferor Exclusive Receivables LLC
Ally Retail Installment Obligations Transferor LLC
Axis Equipment Finance Receivables III LLC
BCC Funding XII LLC
Driver Australia Two Trust
Lendmark Funding Trust 2016-A
PCARS, LLC
SNAAC Auto Receivables Trust 2014-1
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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Contacts
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