DBRS Downgrades Ratings on Westlake Funding V, LLC and WPS V, LLC
AutoDBRS, Inc. (DBRS) downgraded the rating of the Notes issued by Westlake Funding V, LLC as well as the Notes issued by WPS V, LLC to A (sf) from AA (low) (sf) pursuant to an amendment of the warehouse for the financing of subprime auto loan receivables.
This action is the result of a recent amendment to the facility. This amendment allows for a revised collateral composition through the adjustment of certain concentration limits and eligibility criteria. Other factors that contributed to the action include an adjustment to the approach related to determination of the expected loss, as well as changes to credit enhancement levels.
Notes:
The principal methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on dbrs.com under Methodologies & Criteria.
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.
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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