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KBRA assigns preliminary ratings to six classes of notes issued by American Credit Acceptance Receivables Trust 2022-2 (“ACAR 2022-2”), an asset-backed securitization collateralized by a pool of auto loans.
ACAR 2022-2 will issue six classes of notes totaling $425.00 million. The ratings reflect initial credit enhancement of 57.50% for the Class A notes through 7.50% for the Class F notes. Credit enhancement will consist of overcollateralization, subordination of junior note classes ( except for the Class F notes), a cash reserve account and excess spread.
This transaction represents the second term ABS securitization in 2022 for American Credit Acceptance, LLC (“ACA” or the “Company”). The Company issued its first securitization in October 2011 and since then has issued 37 additional transactions in the total amount of approximately $10.8 billion.
KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and ACA’s historical static …
Full story available on Benzinga.com
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