DBRS Morningstar Takes Rating Actions on Five Credit Acceptance Auto Loan Trust Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 15 ratings from five Credit Acceptance Auto Loan Trust securitizations. Of the 15 outstanding publicly rated classes reviewed, seven were upgraded and five were confirmed. Additionally, three were discontinued due to full repayment. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels. For the ratings that were confirmed, performance trends are such that credit enhancement levels 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, current 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 DBRS Master U.S. ABS Surveillance Methodology (July 2019), 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 in connection with this rating action.

Please see attached appendix for additional information regarding 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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