NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-3 (“FCAT 2019-3”), an auto loan ABS transaction.
The collateral in the FCAT 2019-3 transaction includes approximately $269 million of receivables as of the July 31, 2019 initial cutoff date. The collateral originated from both the Flagship Credit Acceptance (FCA) and CarFinance Capital LLC (CarFinance) branded origination channels and will contain approximately $337 million after completion of the prefunding period. The transaction includes a prefunding feature that allows up to 20% of the collateral pool to be funded up to two months after closing. The preliminary ratings reflect the initial credit enhancement levels of 37.00% for the Class A notes, 28.25% for the Class B notes, 16.75% for the Class C notes, 7.45% for the Class D notes and 1.75% for the Class E notes. Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserve account and excess spread. The transaction is the third term ABS securitization in 2019 for the Company and its 28th securitization overall.
KBRA analyzed the transaction using the Global Auto Loan ABS Rating Methodology published on November 28, 2017 and Global Structured Finance Counterparty Methodology published on August 8, 2018. KBRA’s auto loan methodology incorporates an analysis of: (1) the underlying collateral pool, (2) the originator’s historical static pool data, segmented by characteristics including credit quality and product type, (3) the proposed capital structure for the transaction, (4) KBRA’s operational assessment of the originator and servicer and (5) the legal structure, transaction documents, and legal opinions.
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Preliminary Ratings Assigned: Flagship Credit Auto Trust 2019-3 |
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Class |
Preliminary Rating |
Initial Principal Balance |
|
A |
AAA (sf) |
$215,410,000 |
|
B |
AA (sf) |
$29,450,000 |
|
C |
A (sf) |
$38,710,000 |
|
D |
BBB (sf) |
$31,300,000 |
|
E |
BB (sf) |
$19,190,000 |
To access ratings, reports and disclosures, click here.
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:
Brendan Carter, Associate Director
(646) 731-3315
bcarter@kbra.com
William Carson, Senior Director
(646) 731-2405
wcarson@kbra.com
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