Press Release
DBRS Morningstar Confirms Ratings on 18 Structured Settlements ABS Transactions
OtherDBRS, Inc. (DBRS Morningstar) confirmed the ratings on 35 securities issued by 18 U.S. structured settlements asset-backed securities (ABS) transactions outlined in the table below.
The rating actions are based on the following analytical considerations:
-- The transaction analysis considers DBRS Morningstar’s set of macroeconomic scenarios for select economies related to the Coronavirus Disease (COVID-19), available in its commentary “Global Macroeconomic Scenarios: June 2021 Update,” published on June 18, 2021. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, that have been regularly updated. The scenarios were last updated on June 18, 2021, 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 continued success in containment during the second half of 2021, enabling the continued relaxation of restrictions.
-- The generally high credit quality of annuity providers and their improved capitalization positions and risk management frameworks, which have been enhanced since the global financial crisis of 2008–09. DBRS Morningstar does not expect the performance of the structured settlements asset-backed securities (ABS) transactions to be materially affected by the coronavirus in the near term as a result of those factors. As a result, DBRS Morningstar did not adjust any analytical inputs to its analysis of the structured settlements ABS for any impact from the coronavirus pandemic.
-- The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
-- The transaction’s capital structure, and form and sufficiency of available credit enhancement.
-- The transaction’s performance to date, with minimal defaults and losses.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
All figures are in U.S. dollars unless otherwise noted.
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (May 26, 2021), 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 release: 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 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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
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Tel. +1 212 806-3277
Ratings
J.G. Wentworth XLVII LLC
J.G. Wentworth XXIII LLC Fixed Rate Asset-Backed Notes, Series 2011-1
J.G. Wentworth XXXIII LLC Fixed Rate Asset-Backed Notes, Series 2014-3
J.G. Wentworth XXXIV LLC Fixed Rate Asset-Backed Notes, Series 2015-1
J.G. Wentworth XXXIX LLC Fixed Rate Asset-Backed Notes, Series 2017-2
J.G. Wentworth XXXV LLC Fixed Rate Asset-Backed Notes, Series 2015-2
J.G. Wentworth XXXVI LLC Fixed Rate Asset Backed Notes, Series 2015-3
J.G. Wentworth XXXVII LLC Fixed Rate Asset-Backed Notes, Series 2016-1
J.G. Wentworth XXXVIII LLC Fixed Rate Asset-Backed Notes, Series 2017-1
JGWPT XXIV LLC Fixed Rate Asset-Backed Notes, Series 2011-2
JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
JGWPT XXV LLC Fixed Rate Asset-Backed Notes, Series 2012-1
JGWPT XXVI LLC Fixed Rate Asset-Backed Notes, Series 2012-2
JGWPT XXVII LLC Fixed Rate Asset-Backed Notes, Series 2012-3
JGWPT XXVIII LLC Fixed Rate Asset-Backed Notes, Series 2013-1
JGWPT XXX LLC Fixed Rate Asset-Backed Notes, Series 2013-3
JGWPT XXXI LLC Fixed Rate Asset-Backed Notes, Series 2014-1
JGWPT XXXII LLC Fixed Rate Asset-Backed Notes, Series 2014-2
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.
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Contacts
Sergey Moiseenko
Managing Director - US ABS Ratings, Commercial Assets
+(1) 212 806 3225
sergey.moiseenko@morningstar.com- Mark Zelmanovich
Senior Vice President - US ABS Ratings, Surveillance
+(1) 212 806 3254
mark.zelmanovich@morningstar.com