DBRS Takes Rating Actions on U.S. ABS Transactions

DBRS, Inc. (DBRS) reviewed 15 ratings from five U.S. structured finance asset-backed securities (ABS) transactions. Of the 15 outstanding publicly rated classes reviewed, 13 were confirmed and two classes were upgraded. 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.

DBRS revised and updated the existing Performance Analytics Reports (PARs) for all the outstanding DBRS-rated Credit Acceptance Auto Loan Trust transactions. The PARs are available on DBRS.com.

The issuers’ 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 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 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.

Please see the related 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.