DBRS Morningstar Takes Rating Actions on Flagship Credit Auto Trust

DBRS, Inc. (DBRS Morningstar) has today reviewed 62 ratings from 13 Flagship Credit Auto Trust transactions. Of the 62 outstanding publicly rated classes reviewed, DBRS Morningstar has confirmed 43 classes, upgraded 17 classes, and discontinued two classes as a result of repayment. 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. 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.

The ratings are based on DBRS Morningstar’s review of the following analytical considerations:

-- The transaction’s capital structure, proposed ratings, and the form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
-- The credit quality and historical performance of the collateral pool.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, 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 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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