DBRS Assigns Provisional Ratings to Foursight Capital Automobile Receivables Trust 2018-2

DBRS, Inc. (DBRS) assigned provisional ratings to the following notes to be issued by Foursight Capital Automobile Receivables Trust 2018-2 (the Transaction):

-- $26,000,000 Series 2018-2, Class A-1 Notes at R-1 (high) (sf)
-- $95,000,000 Series 2018-2, Class A-2 Notes at AAA (sf)
-- $48,250,000 Series 2018-2, Class A-3 Notes at AAA (sf)
-- $21,440,000 Series 2018-2, Class B Notes at AAA (sf)
-- $14,370,000 Series 2018-2, Class C Notes at AA (high) (sf)
-- $16,980,000 Series 2018-2, Class D Notes at AA (low) (sf)
-- $14,370,000 Series 2018-2, Class E Notes at A (low) (sf)
-- $13,590,000 Series 2018-2, Class F Notes at BBB (sf)

The ratings are based on the following considerations:
-- The Transaction’s capital structure and the form and sufficiency of available credit enhancement.
-- The Transaction’s ability to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. The rating addresses the timely payment of interest on a monthly basis and the ultimate payment of principal.
-- Quality and experience of Foursight Capital LLC’s (Foursight or the Company) management as well as financial wherewithal and synergies made available to Foursight by its ownership.
-- The Transaction parties’ capabilities with regard to originations, underwriting and servicing and the Company.
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that will address the true sale of the assets to the trust, the non-consolidation of the special-purpose vehicle with Foursight, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

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.

Please see the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

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