DBRS Morningstar Publishes Updated Methodology for Rating U.S. Auto Lease Securitizations

DBRS Morningstar Credit Ratings (DBRS Morningstar) published an updated version of its “Rating U.S. Auto Lease Securitizations” methodology (the Methodology).

DBRS Morningstar has conducted a periodic review of the Methodology. This update supersedes the previous version published on September 27, 2018, and is effective as of November 5, 2019. DBRS Morningstar deems the update not to be material and has determined that no ratings are expected to change as a result of this update. The non-material changes include:

(1) An update and consolidation of the industry overview;
(2) The removal of common elements of securitization structures, which are discussed in the “Rating U.S. Structured Finance Transactions” methodology;
(3) Clarifying language added to Credit Losses and Residual Value Losses sections of Collateral Analysis;
(4) The addition of the Total Stress exhibit and clarifying language in Cash Flow Analysis section; and
(5) Certain editorial modifications.

Notes:
DBRS Morningstar methodologies are publicly available on its website www.dbrs.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit www.dbrs.com or contact us at [email protected].