DBRS Morningstar Takes Rating Actions on Three OneMain Direct Auto Receivables Trust Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on 13 outstanding ratings from three OneMain Direct Auto Receivables Trust transactions. Of the rated classes reviewed, none were upgraded, one was discontinued due to repayment, and 12 were confirmed. For the notes 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.

The 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.
-- The 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.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: <a href="https://www.dbrsmorningstar.com/research/357883/" target="_blank">DBRS Morningstar Provides Update on Rating Methodologies in Light of Measures to Contain Coronavirus Disease (COVID-19)</a>.

The rated entity or its related entities did not 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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