NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of
First Investors Auto Owner Trust 2012-2, a subprime auto ABS
transaction. Concurrently we have withdrawn our preliminary ratings on
the certificates, which were assigned on August 6, 2012.
The First Investors Auto Owner Trust 2012-2 are asset-backed securities
(ABS) collateralized by $176.8 million of subprime auto loan
receivables. The ratings reflect the initial credit enhancement levels
of 20.60% for the Class A notes, 15.51% for the Class B notes, 7.59% for
the Class C notes and 2.50% for the Class D notes. Credit enhancement
consists of overcollateralization, subordination of junior notes, cash
reserves and excess spread. This transaction is First Investors’ second
securitization of 2012 and its ninth securitization overall.
KBRA applied its U.S. Auto Loan ABS methodology which incorporated an
analysis of First Investor’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. KBRA will also review the operative agreements
and legal opinions for the transaction prior to closing.
For complete details on the analysis, please see our Pre-Sale Report, First
Investors Auto Owner Trust 2012-2, which was published today at www.krollbondratings.com.
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| Final Ratings Assigned: First Investors Auto Owner Trust 2012-2
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Class
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Rating
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Expected Initial Class Principal
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A-1
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K1+(sf)
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| $22,000,000 |
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A-2
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AAA(sf)
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| $121,000,000 |
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B
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AA(sf)
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| $9,000,000 |
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C
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A(sf)
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| $14,000,000 |
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D
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BBB(sf)
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| $9,000,000 |
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Related Publications:
U.S.
Auto Loan ABS Rating Methodology
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
Analytical Contacts:
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
| Copyright: | Copyright Business Wire 2012 |
| Wordcount: | 499 |
