U.S. Commercial ABS 2022 Outlook
DBRS Morningstar has positive rating outlooks on auto fleet lease, equipment lease, and marine container ABS. We expect auto lessors to benefit from the strength in the used car market with respect to vehicle dispositions, while the passage of the Infrastructure Investment and Jobs Act should help support industries related to rebuilding America’s roads, bridges, and rails as the legislation aims to strengthen supply chains through investments in the U.S. airports, ports, rail, and roads. In particular, the equipment leasing industry should experience some uplift. In addition, the demand for containers is expected to remain high due to the active trade flows combined with supply chain disruptions. Meanwhile, select commercial ABS sectors continue to remain insulated from negative repercussions surrounding the pandemic because it has not affected key risk factors relevant to those sectors. We have stable rating outlooks for the auto wholesale (dealer floorplan), cell tower, film, litigation finance, oil and gas, C-PACE, rental car, small business, structured settlements, and whole business sectors.
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