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KBRA Assigns Preliminary Ratings to Exeter Automobile Receivables Trust 2021-4

(November 3, 2021) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by Exeter Automobile Receivables Trust 2021-4 (“EART 2021-4”), an asset-backed securitization collateralized by a pool of auto loans.

EART 2021-4 will issue notes using one of two capital structures, which will be determined at the time of pricing. These include a Base Structure and an Upsize Structure, with aggregate initial note balances of $850,010,000 and $1,045,270,000 respectively. Each structure employs sequential priority of payments with initial credit support in the form of excess spread, subordination (except for the Class F notes) and a reserve account funded at closing. The collateral pools for each structure are similar in quality and composition.

The transaction is Exeter Finance LLC’s fourth securitization of 2021 and its 31st securitization since 2012.

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 pools, the proposed capital structures and Exeter’s historical static pool data. KBRA considered its operational review of Exeter Finance LLC. Operative agreements and legal opinions will be reviewed prior to closing.

Click here to view the report. To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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