DBRS Takes Rating Actions on Westlake Automobile Receivables Trust

DBRS, Inc. (DBRS) reviewed 22 ratings from five U.S. structured finance asset-backed securities (ABS) transactions. Of the classes reviewed, DBRS confirmed 11 classes, upgraded eight classes and discontinued three classes that were repaid. For the ratings that were confirmed and upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current and 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.

Ratings

Westlake Automobile Receivables Trust 2015-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Sep-17	Series 2015-2, Class C	AAA (sf)	--	Upgraded	US
14-Sep-17	Series 2015-2, Class D	A (high) (sf)	--	Upgraded	US
14-Sep-17	Series 2015-2, Class E	BB (high) (sf)	--	Confirmed	US
14-Sep-17	Series 2015-2, Class B	Discontinued	--	Disc.-Repaid	US

More

Westlake Automobile Receivables Trust 2015-3

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Sep-17	Series 2015-3, Class B	AAA (sf)	--	Confirmed	US
14-Sep-17	Series 2015-3, Class C	AAA (sf)	--	Upgraded	US
14-Sep-17	Series 2015-3, Class D	A (high) (sf)	--	Upgraded	US
14-Sep-17	Series 2015-3, Class E	BB (high) (sf)	--	Confirmed	US
14-Sep-17	Series 2015-3, Class A-2A	Discontinued	--	Disc.-Repaid	US
14-Sep-17	Series 2015-3, Class A-2B	Discontinued	--	Disc.-Repaid	US

More

Westlake Automobile Receivables Trust 2016-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Sep-17	Series 2016-1, Class A-2-A	AAA (sf)	--	Confirmed	US
14-Sep-17	Series 2016-1, Class A-2-B	AAA (sf)	--	Confirmed	US
14-Sep-17	Series 2016-1, Class B	AAA (sf)	--	Upgraded	US
14-Sep-17	Series 2016-1, Class C	AA (high) (sf)	--	Upgraded	US
14-Sep-17	Series 2016-1, Class D	A (high) (sf)	--	Upgraded	US
14-Sep-17	Series 2016-1, Class E	BB (high) (sf)	--	Confirmed	US

More

Westlake Automobile Receivables Trust 2016-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Sep-17	Series 2016-2, Class A-2	AAA (sf)	--	Confirmed	US
14-Sep-17	Series 2016-2, Class B	AA (high) (sf)	--	Upgraded	US
14-Sep-17	Series 2016-2, Class C	A (sf)	--	Confirmed	US
14-Sep-17	Series 2016-2, Class D	BBB (sf)	--	Confirmed	US
14-Sep-17	Series 2016-2, Class E	BB (sf)	--	Confirmed	US

More

Westlake Funding V, LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Sep-17	Notes	AA (low) (sf)	--	Confirmed	US

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Westlake Automobile Receivables Trust 2015-2

Series 2015-2, Class C

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class D

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class E

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class B

Date Issued:Sep 14, 2017
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2015-3

Series 2015-3, Class B

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class C

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class D

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class E

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class A-2A

Date Issued:Sep 14, 2017
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class A-2B

Date Issued:Sep 14, 2017
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2016-1

Series 2016-1, Class A-2-A

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class A-2-B

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class B

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class C

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class D

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class E

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2016-2

Series 2016-2, Class A-2

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class B

Date Issued:Sep 14, 2017
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class C

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class D

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class E

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Funding V, LLC

Notes

Date Issued:Sep 14, 2017
Rating Action:Confirmed
Ratings:AA (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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