Press Release

DBRS Takes Rating Actions on CPS Auto Receivables Trust

Auto

May 23, 2017

DBRS, Inc. (DBRS) has today reviewed 51 ratings from ten CPS Auto Receivables Trust U.S. structured finance asset-backed securities transactions. Of the 51 outstanding publicly rated classes reviewed, 40 were confirmed, ten were upgraded and one class was discontinued as a result of full 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 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:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology (December 2016), 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

CPS Auto Receivables Trust 2014-B

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2014-B, Class B	AAA (sf)	--	Upgraded	US
23-May-17	Series 2014-B, Class C	A (high) (sf)	--	Upgraded	US
23-May-17	Series 2014-B, Class D	BB (high) (sf)	--	Confirmed	US
23-May-17	Series 2014-B, Class E	B (high) (sf)	--	Confirmed	US
23-May-17	Series 2014-B, Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2014-C, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2014-C, Class B	AAA (sf)	--	Upgraded	US
23-May-17	Series 2014-C, Class C	A (low) (sf)	--	Upgraded	US
23-May-17	Series 2014-C, Class D	BB (sf)	--	Confirmed	US
23-May-17	Series 2014-C, Class E	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2014-D, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2014-D, Class B	AA (sf)	--	Upgraded	US
23-May-17	Series 2014-D, Class C	BBB (high) (sf)	--	Upgraded	US
23-May-17	Series 2014-D, Class D	BB (sf)	--	Confirmed	US
23-May-17	Series 2014-D, Class E	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2015-A, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2015-A, Class B	AA (sf)	--	Upgraded	US
23-May-17	Series 2015-A, Class C	BBB (high) (sf)	--	Upgraded	US
23-May-17	Series 2015-A, Class D	BB (sf)	--	Confirmed	US
23-May-17	Series 2015-A, Class E	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2015-B, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2015-B, Class B	AA (low) (sf)	--	Upgraded	US
23-May-17	Series 2015-B, Class C	BBB (sf)	--	Confirmed	US
23-May-17	Series 2015-B, Class D	BB (sf)	--	Confirmed	US
23-May-17	Series 2015-B, Class E	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2015-C, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2015-C, Class B	AA (high) (sf)	--	Upgraded	US
23-May-17	Series 2015-C, Class C	A (sf)	--	Confirmed	US
23-May-17	Series 2015-C, Class D	BBB (sf)	--	Confirmed	US
23-May-17	Series 2015-C, Class E	BB (sf)	--	Confirmed	US
23-May-17	Series 2015-C, Class F	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2016-A, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2016-A, Class B	AA (sf)	--	Confirmed	US
23-May-17	Series 2016-A, Class C	A (sf)	--	Confirmed	US
23-May-17	Series 2016-A, Class D	BBB (low) (sf)	--	Confirmed	US
23-May-17	Series 2016-A, Class E	BB (low) (sf)	--	Confirmed	US
23-May-17	Series 2016-A, Class F	B (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2016-B, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2016-B, Class B	AA (high) (sf)	--	Confirmed	US
23-May-17	Series 2016-B, Class C	A (low) (sf)	--	Confirmed	US
23-May-17	Series 2016-B, Class D	BBB (low) (sf)	--	Confirmed	US
23-May-17	Series 2016-B, Class E	BB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2016-C, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2016-C, Class B	AA (sf)	--	Confirmed	US
23-May-17	Series 2016-C, Class C	A (sf)	--	Confirmed	US
23-May-17	Series 2016-C, Class D	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-May-17	Series 2016-D, Class A	AAA (sf)	--	Confirmed	US
23-May-17	Series 2016-D, Class B	AA (high) (sf)	--	Confirmed	US
23-May-17	Series 2016-D, Class C	A (sf)	--	Confirmed	US
23-May-17	Series 2016-D, Class D	BBB (low) (sf)	--	Confirmed	US
23-May-17	Series 2016-D, Class E	BB (low) (sf)	--	Confirmed	US

CPS Auto Receivables Trust 2014-B

Series 2014-B, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-B, Class C

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-B, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-B, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-B, Class A

Date Issued:May 23, 2017
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2014-C

Series 2014-C, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-C, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-C, Class C

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-C, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-C, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2014-D

Series 2014-D, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-D, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-D, Class C

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-D, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-D, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2015-A

Series 2015-A, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-A, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-A, Class C

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-A, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-A, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2015-B

Series 2015-B, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-B, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-B, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-B, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-B, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2015-C

Series 2015-C, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-C, Class B

Date Issued:May 23, 2017
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-C, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-C, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-C, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-C, Class F

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2016-A

Series 2016-A, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-A, Class B

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-A, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-A, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-A, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-A, Class F

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2016-B

Series 2016-B, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-B, Class B

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-B, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-B, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-B, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2016-C

Series 2016-C, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-C, Class B

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-C, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-C, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

CPS Auto Receivables Trust 2016-D

Series 2016-D, Class A

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-D, Class B

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-D, Class C

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-D, Class D

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-D, Class E

Date Issued:May 23, 2017
Rating Action:Confirmed
Ratings:BB (low) (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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