Press Release

DBRS Takes Rating Actions on Westlake Automobile Receivables Trust

Auto
May 09, 2017

DBRS, Inc. (DBRS) has today reviewed 24 ratings from six U.S. structured finance asset-backed securities transactions. Of the 24 outstanding publicly rated classes reviewed, DBRS has confirmed 18 classes, upgraded four classes and discontinued two classes due to repayment. 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 issuer’s 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 historical performance.

Notes:
The principal methodology is 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 the attached appendix for additional information regarding the 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

Westlake Automobile Receivables Trust 2015-2
  • Date Issued:May 9, 2017
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Upgraded
  • Ratings:AA (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Westlake Automobile Receivables Trust 2015-3
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Upgraded
  • Ratings:AA (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Westlake Automobile Receivables Trust 2016-1
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Westlake Automobile Receivables Trust 2016-2
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Westlake Funding V, LLC
  • Date Issued:May 9, 2017
  • Rating Action:Confirmed
  • Ratings:AA (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • 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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