DBRS Confirms Rating on Lendmark Funding Trust 2016-B

DBRS, Inc. (DBRS) confirmed the following ratings on Lendmark Funding Trust 2016-B:

-- Series 2016-B, Class II-A Notes at A (sf)
-- Series 2016-B, Class I-A Notes at BBB (sf)
-- Series 2016-B, Class II-B Notes at BBB (sf)
-- Series 2016-B, Class III-A Notes at BBB (sf)

The rating confirmations are based on DBRS’s review of the following analytical considerations:

-- Transaction capital structure, current rating 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 as of March 2019.
-- The transaction is a securitization of consumer loans. The deal benefits from credit enhancement consisting of overcollateralization and a reserve account. The aggregate pool balance was $329,819,782. The monthly net loss percentage annualized was 4.05%.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on April 17, 2018, when DBRS confirmed the ratings on Series 2016-B, Class II-A and Series 2016-B, Class II-B, rated A (sf) and BBB (sf), respectively. Additionally, DBRS issued the ratings on Series 2016-B, Class I-A and Series 2016-B, Class III-A rated BBB (sf) and BBB (sf), respectively.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: October 26, 2016

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

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