DBRS Assigns Rating to Ally ABBNS Issuer LLC

DBRS, Inc. (DBRS) assigned a rating to the variable funding asset-backed notes issued by Ally ABBNS Issuer LLC (ABBNS). ABBNS includes funding vehicles for auto loan receivables originated and serviced by Ally Financial Inc. (the Company). The rating addresses the timely payment of interest and ultimate payment of principal of the notes in accordance with the transaction documents.

-- $800,000,000 Retail Variable Funding Asset-Backed Notes, rated AAA (sf)

Consistent with the DBRS “Rating U.S. Retail Auto Loan Securitizations” methodology and as part of the operational risk review of an originator and servicer, DBRS typically performs an on-site visit or has a call with the originator and servicer. For this transaction, DBRS was asked to provide the rating by a Committed Purchaser, not the servicer or any affiliate. This resulted in limited access to the Company; consequently, no on-site review or call was conducted by DBRS. DBRS deems the operational capacity of the Company to be acceptable. The potential risks related to not having conducted an on-site review or call are mitigated by a number of factors, including the following:

(1) The Company is rated BBB (low)/R-3 with Stable trends by DBRS.
(2) The Company has sponsored and serviced numerous securitizations of auto loans supported by its own originated collateral. DBRS deems the Company to be an experienced originator and servicer, which is demonstrated by strong performance on its outstanding transactions.
(3) DBRS reviewed credit materials prepared in connection with this transaction.

Notes:
All figures are in U.S dollars unless otherwise noted.

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 not participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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