Press Release
DBRS Upgrades and Confirms Ratings on OneMain and Springleaf ABS Transactions
Auto, Consumer Loans & Credit CardsDBRS, Inc. (DBRS) upgraded and confirmed 17 publicly rated U.S. structured finance asset-backed securities with 55 outstanding publicly rated classes. Of the 55 outstanding classes, 16 were upgraded and 38 were confirmed. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels. For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. Additionally, one class was discontinued as a result of full repayment.
The following public transactions were reviewed:
-- OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes
-- First Avenue Funding, LLC
-- OneMain Financial Funding IX, LLC
-- OneMain Financial Funding VII, LLC
-- Springleaf Funding Trust 2017-A
-- Springleaf Funding Trust 2016-A
-- Springleaf Funding Trust 2015-B
-- Springleaf Funding Trust 2015-A
-- OneMain Financial Issuance Trust 2017-1
-- OneMain Financial Issuance Trust 2016-3
-- OneMain Financial Issuance Trust 2016-2
-- OneMain Financial Issuance Trust 2016-1
-- OneMain Financial Issuance Trust 2015-3
-- OneMain Financial Issuance Trust 2015-2
-- OneMain Financial Issuance Trust 2015-1
-- OneMain Financial Issuance Trust 2014-2
-- OneMain Financial Issuance Trust 2014-1
The DBRS 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 the historical performance of the Portfolio.
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 attached the appendix for additional information regarding the 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.
Ratings
First Avenue Funding, LLC
OneMain Financial Funding IX, LLC
OneMain Financial Funding VII, LLC
OneMain Financial Issuance Trust 2014-1
OneMain Financial Issuance Trust 2014-2
OneMain Financial Issuance Trust 2015-1
OneMain Financial Issuance Trust 2015-2
OneMain Financial Issuance Trust 2015-3
OneMain Financial Issuance Trust 2016-1
OneMain Financial Issuance Trust 2016-2
OneMain Financial Issuance Trust 2016-3
OneMain Financial Issuance Trust 2017-1
OneMain Financial Warehouse Trust, Asset-Backed Variable Funding Notes
Springleaf Funding Trust 2015-A
Springleaf Funding Trust 2015-B
Springleaf Funding Trust 2016-A
Springleaf Funding Trust 2017-A
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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Related Documents
Methodology Used:
Other:
Contacts
Mark Zelmanovich
Senior Vice President - US ABS Ratings, Surveillance
+(1) 212 806 3254
mark.zelmanovich@morningstar.com- Jayce Fox
Senior Vice President, US ABS Surveillance - Global Structured Finance
+1 203 883 5815
jayce.fox@morningstar.com