DBRS Morningstar Confirms Provisional Ratings on Carvana Auto Receivables Trust 2021-P2

DBRS, Inc. (DBRS Morningstar) confirmed its provisional ratings on the following classes of notes to be issued by Carvana Auto Receivables Trust 2021-P2, originally assigned on June 10, 2021. The confirmations are in conjunction with DBRS Morningstar’s “Global Macroeconomic Scenarios: June 2021 Update” published on June 18, 2021:

-- $112,000,000 Class A-1 Notes at R-1 (high) (sf)
-- $231,850,000 Class A-2 Notes at AAA (sf)
-- $235,810,000 Class A-3 Notes at AAA (sf)
-- $124,040,000 Class A-4 Notes at AAA (sf)
-- $25,580,000 Class B Notes at AA (high) (sf)
-- $29,060,000 Class C Notes at A (high) (sf)
-- $16,660,000 Class D Notes at BBB (high) (sf)
-- $27,430,000 Class N Notes at BB (high) (sf)

The transaction’s 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: June 2021 Update,” published on June 18, 2021. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, which have been regularly updated. The scenarios were last updated on June 18, 2021, 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 factors in continued success in containment during the second half of 2021, enabling the continued relaxation of restrictions.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found at in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

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

The principal methodology is Rating U.S. Retail Auto Loan Securitizations (May 10, 2021), 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 releases: 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 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.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrsmorningstar.com.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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