Press Release

DBRS Takes Rating Actions on Flagship Credit Auto Trust

Auto
May 24, 2019

DBRS, Inc. (DBRS) reviewed 49 ratings from ten Flagship Credit Auto Trust transactions. Of the 49 outstanding publicly rated classes reviewed, DBRS upgraded 27 classes, confirmed 20 classes and discontinued two classes due to repayment. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels. For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

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

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and historical performance.

Notes:
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 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.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA

Ratings

Flagship Credit Auto Trust 2016-2
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2016-4
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2017-1
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2017-2
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2017-3
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2017-4
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2018-1
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2018-2
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2018-3
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Flagship Credit Auto Trust 2018-4
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 24, 2019
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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