Arivo Acceptance Auto Loan Receivables Trust 2019-1: Presale Report
DBRS, Inc. (DBRS) assigned provisional ratings to Arivo Acceptance Auto Loan Receivables Trust 2019-1 (ARIVO 2019-1 or the Trust). ARIVO 2019-1 represents the inaugural securitization of Arivo Acceptance, LLC (Arivo or the Company), a specialty finance company headquartered in Sandy, Utah. This transaction is being structured as a Rule 144A transaction offering three classes of notes (collectively, the Notes): Class A, Class B and Class C. Initial Class A credit enhancement of 16.25% includes a reserve account (1.00% of the initial pool balance, funded at inception and non-declining); overcollateralization (OC) of 0.75%; and subordination of 14.50% of the initial pool balance. Initial Class B enhancement of 5.40% includes a 1.00% reserve account, OC of 0.75% and 3.65% subordination. Initial Class C enhancement of 1.75% includes OC of 0.75% and a reserve account of 1.00%. OC will build to a target of 14.00% of the pool balance, based on excess spread available in the structure, and is subject to a floor of 1.00% of the initial pool balance. The receivables securitized in ARIVO 2019-1 are subprime auto loan contracts secured by new and used automobiles, light-duty trucks and vans.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.