DBRS Confirms U.S. Auto Asset-Backed Transactions

DBRS, Inc. (DBRS) has today reviewed and confirmed the public ratings on six securities issued by the following U.S. asset backed securities transactions:

-- Chrysler Capital Auto Funding II LLC pursuant to the Loan and Security Agreement dated October 7, 2016
-- SIAF LLC
-- PCARS, LLC
-- Ally Retail Installment Obligations Transferor LLC

The rating confirmations are based on performance trends and credit enhancement levels, which 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 principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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