DBRS Morningstar Takes Rating Actions on Santander Prime Auto Issuance Notes 2018-A

DBRS, Inc. (DBRS Morningstar) upgraded one class of notes issued by Santander Prime Auto Issuance Notes 2018-A as follows:

-- Class B Notes to AAA (sf) from AA (sf)

DBRS Morningstar also confirmed the following classes of notes issued by Santander Prime Auto Issuance Notes 2018-A as follows:

-- Class A Notes at AAA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

The rating actions 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.
-- The credit quality of the collateral pool and historical performance as of February 2020.
-- The transaction is a securitization of U.S. auto loans. The deal benefits from credit enhancement consisting of a reserve account. As of February 2020, the reserve account was 0.62% of current collateral balance. The total note balance is $595,195,539. The aggregate receivables balance was $595,195,539. Total delinquencies were 4.91% and cumulative net losses were 2.56%. The current pool factor was 40.35%.

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

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 not participate in the rating process for this rating action. DBRS Morningstar 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 February 26, 2019, when DBRS Morningstar confirmed the ratings of the Class A, Class B, Class C, Class D, Class E, and Class F Notes.

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: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Erin Stafford, Managing Director, Head of North American CMBS
Initial Rating Date: February 28, 2018

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