KBRA Takes Ratings Actions on CarNow Auto Receivables Trust 2022-1
16 Apr 2024 | New York
KBRA affirms its ratings on the Class B, Class C and Class D notes and downgrades its rating on the Class E notes issued from CarNow Auto Receivables Trust 2022-1 (“CNART 2022-1”), an auto loan transaction. Concurrently, the Class E notes rating has been removed from Watch Downgrade, where it was placed on January 17, 2024 due to deteriorating credit performance. The three affirmations reflect credit support that is sufficient to support the affirmed ratings. The credit enhancement available for the Class E notes does not support KBRA’s revised loss projection and its rating has been downgraded to CCC (sf). The class is susceptible to losses over the remaining term of the transaction.
The data used for this review is as of the March 2024 distribution date (February 2024 collection period). To date, the securities have received timely interest payments.
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