DBRS Confirms Rating on GMF Floorplan Revolving Owner Trust

DBRS, Inc. (DBRS) confirmed the rating on GMF Floorplan Revolving Owner Trust as follows:

-- Series 2013-A, Auto Dealer Loan Asset Backed Notes at AAA (sf)

The rating confirmation is based on DBRS’s review of the following analytical considerations:

-- Transaction capital structure, current rating 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 as of March 2019.
-- The transaction is a securitization of U.S. Wholesale Auto Loans. The deal benefits from credit enhancement consisting of overcollateralization and a reserve account. The aggregate pool balance was $8,362,004,958. Cumulative net losses were 0.00%.

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

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

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS did have 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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on April 2, 2018, when DBRS upgraded the rating on the Series 2013-A Auto Dealer Loan Asset Back Notes to AAA (sf).

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: May 21, 2015

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

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