DBRS Downgrades Ratings on Page Nine Funding LLC

DBRS, Inc. (DBRS) downgraded its rating of the Class A Notes issued by Page Nine Funding LLC to BBB (sf) from A (low) (sf) pursuant to an amendment of the warehouse for the financing of subprime auto loan receivables.

This action is the result of a recent amendment to the facility. This amendment allows for a revised collateral composition through the adjustment of certain concentration limits and eligibility criteria. Other factors which contributed to the action include a migration of certain collateral characteristics of the proposed collateral pool, along with the availability of additional performance information for certain receivable buckets.

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 participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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