DBRS Morningstar Takes Rating Actions on OneMain Financial Issuance Trust and Springleaf Funding Trust

DBRS, Inc. (DBRS Morningstar) reviewed 52 ratings from 12 U.S. structured finance asset-backed securities transactions. Of the 52 outstanding publicly rated classes reviewed, ten were upgraded, 36 were confirmed and six were discontinued due to repayment. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels. For the ratings 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, proposed 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.

DBRS Morningstar notes that the above press release was amended on November 8, 2019, to include the ratings and rating actions for OneMain Financial Issuance Trust 2015-3.

Notes:
The principal methodology is 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 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 info@dbrs.com.

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