DBRS Morningstar Takes Rating Actions on CIG Auto Receivables Trust 2017-1 and 2019-1
AutoDBRS, Inc. (DBRS Morningstar) took rating actions on seven outstanding ratings from CIG Auto Receivables Trust. Of the classes reviewed, DBRS Morningstar upgraded the ratings on four classes and confirmed the ratings on three classes as follows:
CIG Auto Receivables Trust 2017-1
-- Series 2017-1, Class A upgraded to AAA (sf) from AA (sf)
-- Series 2017-1, Class B upgraded to A (high) (sf) from BBB (high) (sf)
-- Series 2017-1, Class C upgraded to BB (high) (sf) from BB (sf)
CIG Auto Receivables Trust 2019-1
-- Class A Notes upgraded to AA (high) (sf) from AA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (sf)
-- Class D Notes confirmed at BB (sf)
For the ratings that were upgraded, performance trends reflect credit enhancement levels that are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels. For the ratings that were confirmed, performance trends reflect credit enhancement levels that 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.
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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