KBRA Takes Ratings Actions on Flagship Credit Auto Trusts
10 May 2024 | New York
KBRA affirms its ratings on 51 classes of notes, upgrades its ratings on 14 classes of notes, and downgrades its ratings on one class of notes issued from 17 Flagship Credit Auto Trust (“FCAT”) transactions. Concurrently, KBRA has removed the rating from Watch Downgrade where it was placed on February 22, 2024 due to deteriorating credit performance. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. The downgrade was a result of the impact of decreased overcollateralization (“O/C”) on such class. The review used data from the April 2024 distribution date (March 2024 collection period). To date, the securities have received timely interest payments.
Click here to view the report.
For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:
- Flagship Credit Auto Trust 2018-4
- Flagship Credit Auto Trust 2019-1
- Flagship Credit Auto Trust 2019-2
- Flagship Credit Auto Trust 2019-3
- Flagship Credit Auto Trust 2019-4
- Flagship Credit Auto Trust 2020-1
- Flagship Credit Auto Trust 2021-1
- Flagship Credit Auto Trust 2021-2
- Flagship Credit Auto Trust 2021-3
- Flagship Credit Auto Trust 2021-4
- Flagship Credit Auto Trust 2022-1
- Flagship Credit Auto Trust 2022-2
- Flagship Credit Auto Trust 2022-3
- Flagship Credit Auto Trust 2022-4
- Flagship Credit Auto Trust 2023-1
- Flagship Credit Auto Trust 2023-2
- Flagship Credit Auto Trust 2023-3