DBRS Takes Rating Action on CIG Auto Receivables Trust 2017-1

DBRS, Inc. (DBRS) reviewed the three outstanding ratings from CIG Auto Receivables Trust 2017-1. Of the three outstanding publicly rated classes reviewed, DBRS upgraded two classes and confirmed one. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels. For the rating that was confirmed, performance trends are such that the credit enhancement level is sufficient to cover DBRS’s expected losses at its current rating level.

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

Notes:
The principal methodology is the 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.