DBRS Assigns New Rating to OneMain Financial Funding IX, LLC, Discontinues Rating on OneMain Financial Warehouse Trust B3 Notes

DBRS, Inc. (DBRS) has today assigned a new rating of A (sf) to the Advances issued by OneMain Financial Funding IX, LLC (OneMain IX or the Borrower). Furthermore, DBRS has today discontinued the outstanding rating on the B3 Notes issued by OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes as a result of repayment.

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 ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- OneMain IX’s capabilities with regard to originations, underwriting and servicing.
-- The credit quality of the collateral and performance of OneMain IX’s consumer loan portfolio. DBRS has used a hybrid approach in analyzing the OneMain IX portfolio that incorporates elements of static pool analysis, employed for assets such as consumer loans and revolving asset analysis, employed for such assets as credit card master trusts.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Borrower, the non-consolidation of the special-purpose vehicle with OneMain IX and that the trust has a valid first-priority security interest in the assets and is consistent with DBRS’s “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
The principal methodologies are Rating U.S. Structured Finance Transactions and Rating U.S. Credit Card Asset-Backed Securities, which can be found on dbrs.com under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.