Press Release

DBRS Publishes Updated General Structured Finance and U.S. ABS Methodologies

September 27, 2018

DBRS, Inc. (DBRS) published the following updated methodologies effective September 27, 2018, replacing the prior versions of methodologies under the same titles:

-- Legal Criteria for U.S. Structured Finance – General U.S. Structured Finance
-- Rating U.S. Timeshare Loan Securitizations
-- Rating Marine Container Securitizations
-- Rating Pooled Aircraft Lease Securitizations
-- Rating U.S. Film Rights Securitizations
-- Rating U.S. Structured Settlements Asset-Backed Securitizations
-- Rating U.S. Federal Family Education Loan Program Securitizations
-- Rating U.S. Structured Finance Transactions
-- Rating U.S. Auto Fleet Lease Securitizations
-- Rating U.S. Equipment Lease and Loan Securitizations
-- Rating U.S. Retail Auto Loan Securitizations
-- Rating U.S. Wholesale Securitizations
-- Rating U.S. Credit Card Asset-Backed Securitizations
-- Rating U.S. Auto Lease Securitizations
-- Rating U.S. Private Student Loan Securitizations
-- Master U.S. ABS Surveillance Methodology

The updated methodologies reflect the reclassification of the DBRS Unified Interest Rate Model from a predictive model to an analytical tool as disclosed in the “Interest Rate Stresses for U.S. Structured Finance Transactions” methodology. An analytical tool generally acts as a usability tool to facilitate the rating process and its outputs are ultimately used as a component to support the analysis conducted to determine a rating. The methodologies used to rate and/or monitor U.S. asset-backed securities (ABS) transactions may incorporate the use of the Unified Interest Rate Analytical Tool.

There are no outstanding U.S. ABS transactions that had a material deviation as a result of the application of the Unified Interest Rate Analytical Tool. Going forward, assigned ratings may differ from the stresses implied by the Unified Interest Rate Analytical Tool. These differences will be disclosed in accordance with applicable regulatory requirements.

DBRS also updated the Scope and Limitations section in each of the methodologies listed in this press release.

DBRS deems the above-described updates to the methodologies not to be material and has determined that no ratings are or will be changed because of these updates.

DBRS criteria and methodologies are publicly available on its website under Methodologies.

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