Press Release

DBRS Takes Rating Actions on Westlake Automobile Receivables Trust

Auto

March 15, 2018

DBRS, Inc. (DBRS) reviewed 33 ratings from eight U.S. structured finance asset-backed securities transactions issued by Westlake Automobile Receivables Trust (the Issuer). Of the 33 outstanding publicly rated classes reviewed, DBRS confirmed 13 classes, upgraded 16 classes and discontinued four classes due to repayment. 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. 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.

The Issuer’s ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings as well as 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.

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

Ratings

WPS V, LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Notes	AA (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2015-2, Class C	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2015-2, Class D	AA (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2015-2, Class E	BBB (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2015-3, Class C	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2015-3, Class D	AA (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2015-3, Class E	BBB (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2015-3, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2016-1, Class B	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2016-1, Class C	AAA (sf)	--	Upgraded	US
15-Mar-18	Series 2016-1, Class D	AA (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2016-1, Class E	BBB (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2016-1, Class A-2-A	Discontinued	--	Disc.-Repaid	US
15-Mar-18	Series 2016-1, Class A-2-B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2016-2, Class A-2	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2016-2, Class B	AAA (sf)	--	Upgraded	US
15-Mar-18	Series 2016-2, Class C	AA (sf)	--	Upgraded	US
15-Mar-18	Series 2016-2, Class D	A (sf)	--	Upgraded	US
15-Mar-18	Series 2016-2, Class E	BB (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2017-1, Class A-1	Discontinued	--	Disc.-Repaid	US
15-Mar-18	Series 2017-1, Class A-2	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2017-1, Class B	AAA (sf)	--	Upgraded	US
15-Mar-18	Series 2017-1, Class C	AA (sf)	--	Upgraded	US
15-Mar-18	Series 2017-1, Class D	BBB (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2017-1, Class E	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Series 2017-2, Class A-1	R-1 (high) (sf)	--	Confirmed	US
15-Mar-18	Series 2017-2, Class A-2-A	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2017-2, Class A-2-B	AAA (sf)	--	Confirmed	US
15-Mar-18	Series 2017-2, Class B	AA (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2017-2, Class C	A (high) (sf)	--	Upgraded	US
15-Mar-18	Series 2017-2, Class D	BBB (sf)	--	Confirmed	US
15-Mar-18	Series 2017-2, Class E	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Mar-18	Notes	AA (low) (sf)	--	Confirmed	US

WPS V, LLC

Notes

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2015-2

Series 2015-2, Class C

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class D

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-2, Class E

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2015-3

Series 2015-3, Class C

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class D

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class E

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-3, Class B

Date Issued:Mar 15, 2018
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2016-1

Series 2016-1, Class B

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class C

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class D

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class E

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class A-2-A

Date Issued:Mar 15, 2018
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2016-1, Class A-2-B

Date Issued:Mar 15, 2018
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2016-2

Series 2016-2, Class A-2

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class B

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class C

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class D

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-2, Class E

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2017-1

Series 2017-1, Class A-1

Date Issued:Mar 15, 2018
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2017-1, Class A-2

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-1, Class B

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-1, Class C

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-1, Class D

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-1, Class E

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Automobile Receivables Trust 2017-2

Series 2017-2, Class A-1

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class A-2-A

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class A-2-B

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class B

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class C

Date Issued:Mar 15, 2018
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class D

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2017-2, Class E

Date Issued:Mar 15, 2018
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Funding V, LLC

Notes

Date Issued:Mar 15, 2018
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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DBRS Takes Rating Actions on Westlake Automobile Receivables Trust

Ratings

WPS V, LLC

Westlake Automobile Receivables Trust 2015-2

Westlake Automobile Receivables Trust 2015-3

Westlake Automobile Receivables Trust 2016-1

Westlake Automobile Receivables Trust 2016-2

Westlake Automobile Receivables Trust 2017-1

Westlake Automobile Receivables Trust 2017-2

Westlake Funding V, LLC

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