United Auto Credit Securitization Trust 2021-1: Rating Report
DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on United Auto Credit Securitization Trust 2021-1 (UACST 2021-1). UACST 2021-1 represents United Auto Credit Corporation's (UACC or the Company) 19th term asset-backed security (ABS) transaction in the Company’s history and the 12th after a change in management, a significant reorganization, and a change in ownership. The initial seven-term ABS securitizations were completed with credit enhancement providers, including AMBAC, MBIA, and XLCA, and all of the ABS transactions performed in line with expectations, experiencing no defaults or requiring any insurance draws. Consistent with the most recent 11 transactions, UACST 2021-1 offers both senior and subordinate rated securities.
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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