NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by CPS Auto Receivables Trust 2019-D (“CPSART 2019-D”), an auto loan ABS transaction.
CPSART 2019-D will issue six classes of notes totaling $274.3 million that are collateralized by a trust certificate backed by a pool of fixed rate retail automobile contracts, made to subprime obligors and secured by new and used automobiles, light trucks, vans and minivans.
The ratings reflect the initial credit enhancement levels of 58.00% for the Class A notes, 40.80% for the Class B notes, 26.15% for the Class C notes, 13.70% for the Class D notes, 3.15% for the Class E notes and 1.25% for the Class E notes. Credit enhancement for the notes consists of the reserve account, overcollateralization, excess interest on the receivables and subordination (except for the Class F notes.)
This transaction represents the fourth term ABS securitization in 2019 and the 35th since 2010 for Consumer Portfolio Services, Inc. (“CPS” or the “Company”). The Company issued its first securitization in 1994 and 82 transactions in total that were supported by aggregate original collateral of approximately $13.4 billion. This is the seventh securitization that KBRA has rated for CPS.
KBRA applied its Global Auto Loan ABS Rating Methodology and the Global Structured Finance Counterparty Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and GLS’s historical static pool data. KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.
To access ratings, reports and disclosures, click here.
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Preliminary Ratings Assigned: CPS Auto Receivables Trust 2019-D |
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Class |
Rating |
Principal Balance |
|
A |
AAA (sf) |
$118,250,000 |
|
B |
AA (sf) |
$47,300,000 |
|
C |
A (sf) |
$40,288,000 |
|
D |
BBB (sf) |
$34,237,000 |
|
E |
BB (sf) |
$29,013,000 |
|
F |
B+ (sf) |
$5,225,000 |
Related Publications: (available at www.kbra.com)
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Contacts
Analytical Contacts:
Jenny Ovalle, Director
(646) 731-2309
jovalle@kbra.com
Melvin Zhou, CFA, Director
(646) 731-2412
mzhou@kbra.com
Andrew Silverhardt, Senior Analyst
(646) 731-2492
asilverhardt@kbra.com
Eric Neglia, Managing Director
(646) 731-2456
eneglia@kbra.com
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