DBRS Morningstar Takes Rating Actions on Upstart Securitization Trust

DBRS, Inc. (DBRS Morningstar) confirmed four outstanding ratings from two Upstart Securitization Trust transactions. The ratings were confirmed as a result of 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 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 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.

Please see the related appendix for additional information regarding sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit https://www.dbrs.com or contact us at info@dbrs.com

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