NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of First Investors Auto Owner Trust 2013-1, a subprime auto ABS transaction. Concurrently we have withdrawn our preliminary ratings on the certificates, which were assigned on January 14, 2013.
The First Investors Auto Owner Trust 2013-1 are newly issues, asset-backed securities (ABS) collateralized by $187.0 million of subprime auto loan receivables. The ratings reflect the initial credit enhancement levels of 19.90% for the Class A notes, 14.55% for the Class B notes, 6.53% for the Class C notes and 1.50% for the Class D notes. Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserves and excess spread. This transaction is First Investors’ first securitization of 2013 and its tenth securitization overall.
KBRA applied its U.S. Auto Loan ABS methodology which incorporated an analysis of First Investor’s underlying collateral pool, the originator’s historical static pool data and the proposed capital structure for the transaction. KBRA also conducted an operational assessment on the originator and servicer. KBRA’s ratings reflect a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.
For complete details on the analysis, please see our Pre-Sale Report, First Investors Auto Owner Trust 2013-1, which was published January 14th at www.krollbondratings.com.
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Final Ratings Assigned: First Investors Auto Owner Trust 2013-1 |
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| Class | Rating | Expected Initial Class Principal | |||||||||
| A-1 | K1+(sf) | $26,200,000 | |||||||||
| A-2 | AAA(sf) | $126,400,000 | |||||||||
| B | AA(sf) | $10,000,000 | |||||||||
| C | A(sf) | $15,000,000 | |||||||||
| D | BBB(sf) | $9,400,000 | |||||||||
Related Publications:
U.S.
Auto Loan ABS Rating Methodology
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
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