DBRS Confirms Six Structured Settlement Transactions

DBRS, Inc. (DBRS) confirmed the ratings of seven securities issued by six asset-backed security transactions secured by structured settlement receivables. The performance trends of the securities are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their current rating levels.

The transactions reviewed were:

-- NYLIMAC 2010-SS-1, LLC, Series 2010-1;
-- Novation Receivables Funding LLC, Series 2010-A;
-- SuttonPark Structured Settlements 2011-1 LLC;
-- SuttonPark Structured Settlements 2012-1 LLC;
-- Novation Ventures 2013-A Structured Settlement Notes; and
-- NV Funding LLC, Series 2014-A Fixed Rate Asset Backed Notes

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, current ratings 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.

Notes:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology (March 2019), 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.

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.

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