DBRS Confirms Rating of Cars Alliance DFP Germany 2017

DBRS, Inc. (DBRS) confirmed the public rating on the security issued by the following U.S. asset-backed security transaction:

-- Cars Alliance DFP Germany 2017

Performance trends relating to the security that was confirmed were such that credit enhancement levels were sufficient to cover DBRS’s expected losses at their respective rating levels.

The rating is 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.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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.

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