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KBRA Takes Ratings Actions on CarNow Auto Receivables Trusts

15 Oct 2024   |   New York

Contacts

KBRA has affirmed its ratings on 13 classes of notes, upgraded its ratings on one class of notes, and downgraded its ratings on one class of notes issued from five CarNow Auto Receivables Trust (“CNART”) transactions. Of the affirmations, 12 of the 13 securities reflect credit support that is adequate to support the outstanding ratings; one rating was affirmed at CCC (sf) as it remains susceptible to loss over the remaining term of the transaction. The downgrade is due to deteriorating credit performance which has contributed to declining overcollateralization. The data used for this review is as of the September 2024 distribution date (August 2024 collection period). To date, the securities have received timely interest payments.

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For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. 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.

Doc ID: 1006378

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