DBRS Morningstar Confirms Rating on GMF Floorplan Revolving Owner Trust
AutoDBRS, Inc. (DBRS Morningstar) confirmed the rating on GMF Floorplan Revolving Owner Trust as follows:
-- Series 2013-A, Auto Dealer Loan Asset Backed Notes at AAA (sf)
The rating confirmation is based on DBRS Morningstar’s review of the following analytical considerations:
-- The transaction assumptions consider DBRS Morningstar’s set of macroeconomic scenarios for select economies related to the Coronavirus Disease (COVID-19), available in its commentary “Global Macroeconomic Scenarios: September Update,” published on September 10, 2020. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, which have been regularly updated. The scenarios were last updated on September 10, 2020, and are reflected in DBRS Morningstar’s rating analysis.
-- The assumptions consider the moderate macroeconomic scenario outlined in the commentary, with the moderate scenario serving as the primary anchor for current ratings. The moderate scenario remains predicated on a more rapid return of confidence and a steady recovery heading into 2021. Observed performance during the 2008–09 financial crisis and the possible impact from stimulus were also incorporated into the analysis.
-- 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 September 2020.
-- The transaction is a securitization of U.S. wholesale auto loans. The deal benefits from credit enhancement consisting of overcollateralization and a reserve account. The aggregate pool balance was $5,316,516,700. Cumulative net losses were 0.00%.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
Notes:
All figures are in U.S. dollars unless otherwise noted.
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (May 27, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.
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.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) 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 April 2, 2019, when DBRS Morningstar confirmed the rating on the Series 2013-A Auto Dealer Loan Asset Back Notes at AAA (sf).
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: Chris O'Connell, Senior Vice President, US ABS - Global Structured Finance
Rating Committee Chair: Christopher D'Onofrio, Managing Director, U.S. ABS - Global Structured Finance
Initial Rating Date: May 21, 2015
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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-- DBRS Morningstar Master U.S. ABS Surveillance (May 27, 2020): https://www.dbrsmorningstar.com/research/361480/dbrs-morningstar-master-us-abs-surveillance
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