NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of
Flagship Credit Auto Trust 2012-1, a subprime auto ABS transaction.
Concurrently we have withdrawn our preliminary ratings on the
certificates, which were assigned on June 26, 2012.
The Flagship Credit Auto Trust 2012-1 are asset-backed securities (ABS)
collateralized by $115 million of subprime auto loan receivables. The
ratings reflect the initial credit enhancement levels of 71% for the
Class A notes, 23% for the Class B notes, 13% for the Class C notes and
7% for the Class D notes. Credit enhancement consists of
overcollateralization, subordination of junior notes, cash reserves and
excess spread.
KBRA applied its U.S. Auto Loan ABS methodology, which incorporated an
analysis of FCA’s underlying collateral pool, the originator’s
historical static pool data (segmented by characteristics) and the
proposed capital structure for the transaction. KBRA also conducted an
operational assessment on the originator and servicer. KBRA’s ratings
reflect a review of the transaction’s legal structure and transaction
documents.
For complete details on the analysis, please see our Pre-Sale Report, “Flagship
Credit Auto Trust 2012-1”, which is available at www.krollbondratings.com.
Final Ratings Assigned: Flagship Credit Auto Trust 2012-1 |
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Class
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Rating
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Expected Initial Class Principal
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A
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AA(sf)
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$36,000,000
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B
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A(sf)
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| $55,000,000 |
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C
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BBB(sf)
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| $10,900,000 |
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D
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BB(sf)
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| $7,100,000 |
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About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit
ratings by creating new standards for assessing risk and by offering
accurate, clear and transparent ratings. KBRA is registered with the
U.S. Securities and Exchange Commission as a Nationally Recognized
Statistical Rating Organization (NRSRO). In addition, KBRA is recognized
by the National Association of Insurance Commissioners (NAIC) as a
Credit Rating Provider (CRP).
Kroll Bond Rating Agency (KBRA)
Analytical:
Rosemary
Kelley, 646-731-2337
rkelley@krollbondratings.com
or
Eric
Williamson, 646-731-2347
ewilliamson@krollbondratings.com
or
Glenn
Costello, 646-731-2332
gcostello@krollbondratings.com
or
Brian
Ford, 646-731-2329
bford@krollbondratings.com
Source: Kroll Bond Rating Agency (KBRA)
| Copyright: | Copyright Business Wire 2012 |
| Wordcount: | 345 |
