United Auto Credit Securitization Trust 2021-1: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on United Auto Credit Securitization Trust 2021-1 (UACST 2021-1). UACST 2021-1 represents United Auto Credit Corporation's (UACC or the Company) 19th term asset-backed security (ABS) transaction in the Company’s history and the 12th after a change in management, a significant reorganization, and a change in ownership. The initial seven-term ABS securitizations were completed with credit enhancement providers, including AMBAC, MBIA, and XLCA, and all of the ABS transactions performed in line with expectations, experiencing no defaults or requiring any insurance draws. Consistent with the most recent 11 transactions, UACST 2021-1 offers both senior and subordinate rated securities.