DBRS Morningstar Confirms the Ratings of Westlake Funding V, LLC and WPS V, LLC

DBRS, Inc. (DBRS Morningstar) confirmed the two outstanding publicly rated classes of Westlake Funding V, LLC and WPS V, LLC at A (sf). The confirmations are the result of performance trends and credit enhancement levels being sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The issuers’ ratings are based on DBRS Morningstar’s review of the following analytical considerations:

-- Transaction capital structure, current ratings, and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
-- Credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is the 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 had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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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