DBRS Takes Rating Actions on OneMain Direct Auto Receivables Trust 2017-1 and Series 2017-2

DBRS, Inc. (DBRS) reviewed the following two publicly rated U.S. structured finance asset-backed transactions with ten outstanding publicly rated classes:

-- OneMain Direct Auto Receivables Trust 2017-1
-- OneMain Direct Auto Receivables Trust 2017-2

Of the classes reviewed, five were confirmed and five were upgraded. For the ratings that were confirmed, performance trends are such that credit enhancement (CE) levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the ratings that were upgraded, performance trends are such that CE levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

DBRS’s ratings are based on its review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available CE.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the portfolio.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

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 attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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