United Auto Credit Securitization Trust 2019-1: Rating Report

DBRS, Inc. (DBRS) finalized its provisional ratings on United Auto Credit Securitization Trust 2019-1 (the Transaction or UACST 2019-1), as listed above, to be issued by United Auto Credit Corporation (UACC or the Company). UACST 2019-1 represents UACC’s 17th term asset-backed security (ABS) transaction in the Company’s history and the tenth after a change in management, a significant reorganization and a change in ownership. The initial seven term ABS securitizations were completed with credit enhancement providers, including AMBAC, MBIA and XLCA, and all of the ABS transactions performed in line with expectations, experiencing no defaults or requiring any insurance draws. Consistent with the most recent nine transactions, UACST 2019-1 offers both senior and subordinate rated securities.