DBRS Morningstar Confirms Ratings on New River Funding, LLC

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on Class A, Class B and Class C of New River Funding, LLC at AAA (sf), AAA (sf) and A (sf), respectively.

The rating confirmations are based on DBRS Morningstar’s review of the following analytical considerations:

-- Transaction capital structure, current rating 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 as of October 2019.
-- The transaction is a securitization of consumer loans.

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 participate in the rating process for this rating action. DBRS Morningstar did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on March 15, 2019, when DBRS Morningstar assigned the ratings to New River Funding, LLC.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: March 15, 2019

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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