AmeriCredit Automobile Receivables Trust 2019-1 Notes Assigned Ratings

  • AmeriCredit Automobile Receivables Trust 2019-1's issuance is an ABS transaction backed by subprime auto loan receivables.
  • We assigned our ratings to the class A-1, A-2, A-3, B, C, and D notes.
  • The ratings reflect our view of the transaction's credit support and enhancement and payment and legal structures, among other factors.
 
NEW YORK (S&P Global Ratings) March 13, 2019--S&P Global Ratings today 
assigned its ratings to AmeriCredit Automobile Receivables Trust 2019-1's 
asset-backed notes (see list).

The note issuance is an asset-backed securities transaction backed by subprime 
auto loan receivables.

The ratings reflect:
  • The availability of approximately 41.5%, 36.1%, 29.1%, and 22.4% credit support for the class A-1, A-2, and A-3 (collectively, class A); B; C; and D notes, respectively (based on stressed cash flow scenarios, including excess spread). This provides coverage of more than 3.50x, 3.25x, 2.77x, and 1.93x our 9.75%-10.25% expected cumulative net loss range for the class A, B, C, and D notes, respectively. These credit support levels are commensurate with the assigned 'A-1+ (sf)' rating for the class A-1 notes and 'AAA (sf)', 'AA+ (sf)', 'AA- (sf)', and 'BBB+ (sf)' ratings on the class A, B, C, and D notes, respectively.
  • Our expectation that under a moderate (or 'BBB') stress scenario, our ratings on the class A notes will likely not be lowered for the transaction's life and the ratings on the class B, C, and D notes will likely not decline by more than one rating category from our ratings (all else being equal) during the first year of the transaction's life. Our ratings stability criteria describe the outer bound of credit deterioration within one year as one rating category for 'AAA' and 'AA' rated securities and two rating categories for 'A', 'BBB', and 'BB' rated securities (see "Methodology: Credit Stability Criteria," published May 3, 2010).
  • The credit enhancement in the form of subordination, overcollateralization, a reserve account, and excess spread.
  • The timely interest and ultimate principal payments made under the stressed cash flow modeling scenarios, which are consistent with the assigned ratings.
  • The collateral characteristics of the securitized pool of subprime auto loans.
  • General Motors Financial Co. Inc.'s (GMF Co., formerly AmeriCredit Corp.; BBB/Stable/--) extensive securitization performance history since 1994.
  • The transaction's payment and legal structures.