DBRS Morningstar Confirms Five Ratings of Crecera Americas LLC

DBRS, Inc. (DBRS Morningstar) confirmed the following ratings to the notes issued by Crecera Americas LLC:

-- Series 1 Notes at A (sf)
-- Series 2 Notes at A (sf)
-- Series 3 Notes at A (sf)
-- Series 4 Notes at A (sf)
-- Series 5 Notes at A (sf)

This action is the result of an amendment to the Receivable Sales Agreement. The amendment allows for the increase in size to the Series 2 Notes to $70 from $35 U.S. equivalent and also an increase to one of the insurers’ coverage of the receivables.

DBRS Morningstar notes that this press release was amended on September 30, 2020, to include a note about the related appendix. The amendment was minor and would not impact the understanding of the reader.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating U.S. Structured Finance Transactions: Appendix V – Obligations Backed by Insurance Policy (Financial Guarantee), 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.

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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