DBRS Rates GMF Prime Automobile Trust 2018-PP5

DBRS, Inc. (DBRS) assigned the following rating to the notes issued by GMF Prime Automobile Trust 2018-PP5:

-- Series 2018-PP5 Floating Rate Asset Backed Notes, rated AA (sf)

RATING RATIONALE:
-- Transaction capital structure, proposed rating and form and sufficiency of available credit enhancement.
-- Credit enhancement in the form of overcollateralization, amounts held in the reserve fund and excess spread. Credit enhancement levels are sufficient to support the DBRS-projected cumulative net loss assumption under various stress scenarios.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the ratings address the timely payment of interest on a monthly basis and the payment of principal by the legal final maturity date.
-- The capabilities of the Issuer with regard to originations, underwriting and servicing.
-- A combination of company-provided performance data and industry-comparable data was used to determine an expected loss.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with GM Financial, and that the trust has a valid first-priority security interest in the assets and is consistent with DBRS’s “Legal Criteria for U.S. Structured Finance” methodology.

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

The principal methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on dbrs.com under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.