DBRS Confirms Structured Settlement U.S. ABS Transactions

DBRS, Inc. (DBRS) confirmed the public ratings of seven securities issued by six U.S. asset-backed security (ABS) transactions backed by structured settlement receivables. Performance for the securities confirmed is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective rating levels.

The transaction reviewed were
• NYLIMAC 2010-SS-1, LLC, Series 2010-1;
• Novation Receivables Funding LLC, Series 2010-A;
• SuttonPark Structured Settlements 2011-1 LLC;
• SuttonPark Structured Settlements 2012-1 LLC;
• Novation Ventures 2013-A Structured Settlement Notes; and
• NV Funding LLC, Series 2014-A Fixed Rate Asset Backed Notes.

The 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.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is the 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 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.