DBRS Confirms Ratings of JGW V, LLC

DBRS, Inc. (DBRS) confirmed the ratings on the Class A Variable Rate Loans and Class B Variable Rate Loans issued by the JGW V, LLC asset-backed security transaction at AA (low) (sf) and A (low) (sf), respectively.

This rating action is based on 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 as of January 2019.

The transaction is a warehouse securitization of U.S. structured settlement receivables with a structure that includes one senior class and one subordinated class of rated securities. The deal benefits from credit enhancement consisting of overcollateralization and a reserve account. The transaction is currently unfunded. As of the last date of funding, credit enhancement levels were at their respective required levels and all performance triggers were within their respective thresholds.

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 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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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 June 20, 2018, when the ratings were confirmed at AA (low) (sf) and A (low) (sf).

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: Jayce Fox, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Christopher D’Onofrio, Managing Director, U.S. ABS – Global Structured Finance
Initial Rating Date: May 15, 2012

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.

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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