DBRS Finalizes Its Provisional Ratings on Foursight Capital Automobile Receivables Trust 2019-1

DBRS, Inc. (DBRS) finalized its provisional ratings on the following notes issued by Foursight Capital Automobile Receivables Trust 2019-1 (the Transaction):

-- $24,900,000 Series 2019-1, Class A-1 (the Class A-1 Notes) at R-1 (high) (sf)
-- $86,000,000 Series 2019-1, Class A-2 (the Class A-2 Notes) at AAA (sf)
-- $40,310,000 Series 2019-1, Class A-3 (the Class A-3 Notes) at AAA (sf)
-- $14,780,000 Series 2019-1, Class B (the Class B Notes) at AAA (sf)
-- $14,560,000 Series 2019-1, Class C (the Class C Notes) at AA (high) (sf)
-- $14,330,000 Series 2019-1, Class D (the Class D Notes) at AA (low) (sf)
-- $12,050,000 Series 2019-1, Class E (the Class E Notes) at A (low) (sf)
-- $11,930,000 Series 2019-1, Class F (the Class F Notes) at BBB (sf)

The ratings are based on the following considerations:
-- The Transaction’s capital structure and the form and sufficiency of available credit enhancement.
-- The Transaction’s ability to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. The ratings address the timely payment of interest on a monthly basis and the ultimate payment of principal.
-- Quality and experience of Foursight Capital LLC (Foursight) management as well as financial wherewithal and synergies made available to Foursight by its ownership.
-- The Transaction parties’ capabilities with regard to originations, underwriting and servicing.
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the trust, the non-consolidation of the special-purpose vehicle with Foursight, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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.

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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