DBRS Morningstar Confirms Provisional Ratings on Carvana Auto Receivables Trust 2020-P1

DBRS, Inc. (DBRS Morningstar) confirmed its provisional ratings on the following classes of notes to be issued by Carvana Auto Receivables Trust 2020-P1, originally assigned on November 30, 2020. The confirmations are in conjunction with DBRS Morningstar’s “Global Macroeconomic Scenarios: December Update” published on December 2, 2020:

-- $56,000,000 Class A-1 Notes at R-1 (high) (sf)
-- $120,000,000 Class A-2 Notes at AAA (sf)
-- $115,000,000 Class A-3 Notes at AAA (sf)
-- $75,930,000 Class A-4 Notes at AAA (sf)
-- $13,365,000 Class B Notes at AA (sf)
-- $17,212,000 Class C Notes at A (sf)
-- $7,493,000 Class D Notes at BBB (sf)
-- $15,000,000 Class N Notes at BB (high) (sf)

The transaction’s assumptions consider DBRS Morningstar’s set of macroeconomic scenarios for select economies related to the Coronavirus Disease (COVID-19), available in its commentary “Global Macroeconomic Scenarios: December Update,” published on December 2, 2020. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, which have been regularly updated. The scenarios were last updated on December 2, 2020, and are reflected in DBRS Morningstar’s rating analysis. The assumptions consider the moderate macroeconomic scenario outlined in the commentary, with the moderate scenario serving as the primary anchor for current ratings. The moderate scenario factors in increasing success in containment during the first half of 2021, enabling the continued relaxation of restrictions.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at https://www.dbrsmorningstar.com/research/357792.

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

The principal methodology is Rating U.S. Retail Auto Loan Securitizations (May 13, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press releases: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

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.dbrsmorningstar.com or contact us at [email protected].

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