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KBRA Takes Rating Actions on Flagship Credit Auto Trusts

15 Jan 2025   |   New York

Contacts

KBRA affirms its ratings on 43 classes of notes, upgrades its ratings on 11 classes of notes, and downgrades its ratings on nine classes of notes issued from 15 Flagship Credit Auto Trust ("FCAT") transactions. Concurrently, KBRA has removed 14 ratings from Watch Downgrade where it was placed on October 21, 2024 due to deteriorating credit performance. All nine downgrades reflect ongoing deterioration in collateral performance and a decreased overcollateralization (“O/C”). Of the affirmations, all reflect credit support that is adequate to support the outstanding ratings except the FCAT 2022-2 Class E note rated CCC (sf) which remains susceptible to loss over its remaining term. The review used data from the December 2024 distribution date (November 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:

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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