KBRA Places One Westlake Automobile Receivables Trust 2022-1 Rating on Watch Downgrade
12 May 2025 | New York
KBRA has placed its ratings on the Class F notes issued from Westlake 2022-1 Automobile Receivables Trust (WLAKE 2022-1), a subprime auto loan transaction, on Watch Downgrade due to a deterioration in collateral credit performance and overcollateralization (“O/C”) that has been depleted.
The table below displays the current capital structure and Watch Placement undertaken in this review. To date, the securities have received timely interest payments.
Cumulative net losses and delinquencies for the transactions as of the April 2025 distribution date (March 2025 collection period) are depicted in the charts below. Cumulative net losses are above KBRA’s base case assumptions at the comparable month of seasoning.
KBRA will continue to monitor the performance of the transaction and will seek to resolve or update the Watch Placement within 90 days.
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