KBRA Takes Rating Actions on Avid Automobile Receivables Trust 2021-1
22 Aug 2024 | New York
KBRA upgrades the ratings on one class of notes and affirms the ratings on two classes of notes issued from Avid Automobile Receivables Trust 2021-1, an auto loan ABS transaction. Concurrently, KBRA removes the Class F notes rating from Watch Downgrade, where they were placed on February 26, 2024, due to deteriorating credit performance and declining overcollateralization. Since the initial Watch Placement, the pace of credit deterioration has slowed and credit enhancement for the Class D, E and F notes have increased by 17.08%, 10.38% and 2.84% percentage points, respectively. KBRA’s analysis indicated that the existing credit enhancement for the notes is sufficient to support the outstanding ratings. The data used for this review is as of the August 2024 distribution date (July 2024 collection period). To date, the securities have received timely interest payments.
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