Press Release

DBRS Morningstar Takes Rating Actions on Four Westlake Automobile Receivables Trust Transactions

Auto
February 10, 2020

DBRS, Inc. (DBRS Morningstar) reviewed 25 ratings from four U.S. structured finance asset-backed securities transactions. Of the 25 outstanding publicly rated classes reviewed, DBRS Morningstar has confirmed nine classes, upgraded 11 classes, and discontinued five classes due to repayment. For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels.

The issuers’ ratings are based on DBRS Morningstar’s review of 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.
-- Credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is the 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 Morningstar 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 [email protected].

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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.