DBRS Assigns Provisional Ratings to 2018-A LTCG Securitization Issuer LLC

DBRS, Inc. (DBRS) assigned a provisional rating to the Insurance Commission Receivables Backed Notes, Series 2018-A (the Notes) to be issued by 2018-A LTCG Securitization Issuer LLC (the Issuer).

-- $129,730,000 Series 2018-A at A (sf).

The provisional ratings are based on a review by DBRS of the following analytical considerations:

-- Operational risk;
-- Collateral composition;
-- Historical performance, including actual to expected performance;
-- Transaction capital structure and priority of payments;
-- Cash flow analysis, which includes stressed commission projections and default analysis of related insurance carriers;
-- Legal structure and opinions; and
-- The rating addresses timely payment of Note Interest, which does not include any Post-ARD Additional Note Interest.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating U.S. Structured Finance Transactions – Appendix VII: Long-Term Care Insurance Commission ABS, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union for regulatory purposes.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.