DBRS Assigns Ratings to Fourth Avenue Auto Funding, LLC

DBRS, Inc. (DBRS) assigned the following rating to the Fourth Avenue Auto Funding, LLC Warehouse Note:

-- Facility rated A (sf)

The rating is based upon a review by DBRS of the following considerations:
-- Transaction structure and sufficiency of the warehouse facility’s forms of credit enhancement, which are commensurate with the rating of A (sf).
-- Concentration limits and eligibility criteria, which will help maintain the characteristics of the pool at a level commensurate with the A (sf) rating level.
-- The warehouse facility has certain performance triggers which, if violated, will result in an early amortization event.
-- The existence of a backup servicer.
-- The soundness of the warehouse facility’s legal structure and presence of legal opinions that address the true sale and non-consolidation of the assets, that the special-purpose entity has a valid first-priority security interest in the assets, and consistency with the DBRS “Legal Criteria for U.S. Structured Finance Transactions” methodology.

Notes:
The principal methodology is Rating U.S. Retail Auto Loan Securitizations, 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.

This rating is 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.