European Auto ABS: Recovery Performance Update
In this commentary, DBRS Morningstar evaluates the recent recovery performance of auto ABS transactions and concludes that any negative impacts associated with the Coronavirus Disease (COVID-19) have been largely offset by the strength of used vehicle markets.DBRS Morningstar will now only consider any coronavirus-related volatility risks associated with expected recovery performance as part of its typical analytical approach outlined in the “Rating European Consumer and Commercial Asset-Backed Securitisations methodology” and will no longer apply coronavirus-specific recovery adjustments.
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.
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