Press Release

DBRS Takes Rating Actions on U.S. ABS Transactions

Consumer Loans & Credit Cards
June 02, 2017

DBRS, Inc. (DBRS) has today conducted a review of 13 publicly rated U.S. structured finance asset-backed securities with 46 outstanding publicly rated classes. Of the 46 outstanding publicly rated classes reviewed, 39 were confirmed and seven were upgraded. 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 public transactions were reviewed:
-- OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes
-- Sumner Brook Funding Trust 2013-VFN1
-- Springleaf Funding Trust 2016-A
-- Springleaf Funding Trust 2015-B
-- Springleaf Funding Trust 2015-A
-- OneMain Financial Issuance Trust 2016-3
-- OneMain Financial Issuance Trust 2016-2
-- OneMain Financial Issuance Trust 2016-1
-- OneMain Financial Issuance Trust 2015-3
-- OneMain Financial Issuance Trust 2015-2
-- OneMain Financial Issuance Trust 2015-1
-- OneMain Financial Issuance Trust 2014-2
-- OneMain Financial Issuance Trust 2014-1

The DBRS 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 the historical performance of the portfolio.

Notes:
The principal 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

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 Issuance Trust 2016-3
OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes
Springleaf Funding Trust 2015-A
Springleaf Funding Trust 2015-B
Springleaf Funding Trust 2016-A
Sumner Brook Funding Trust 2013-VFN1
  • 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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