OneMain Direct Auto Receivables Trust 2019-1 Notes Assigned Ratings

  • OneMain Direct Auto Receivables Trust 2019-1's issuance is an ABS transaction backed by direct auto loan receivables.
  • We assigned our ratings to the class A, B, C, and D notes.
  • The ratings reflect our view of the transaction's available credit enhancement, pool characteristics, and payment and legal structures, among other factors.
NEW YORK (S&P Global Ratings) March 15, 2019--S&P Global Ratings today 
assigned its ratings to OneMain Direct Auto Receivables Trust 2019-1's direct 
auto loan-backed notes (see list).

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

The ratings reflect:
  • The availability of approximately 35.3%, 26.1%, 20.0%, and 14.8% credit support to the class A, B, C, and D notes, respectively, in the form of subordination, overcollateralization, a reserve account, and excess spread. These credit support levels are sufficient to withstand stresses commensurate with the ratings on the notes based on our stressed cash flow scenarios.
  • Our expectation that under a moderate ('BBB') stress scenario, all else being equal, our ratings on the class A and B notes will remain within one rating category of the assigned 'AAA (sf)' and 'AA (sf)' ratings, respectively, and our ratings on the class C and D notes will remain within two rating categories of the assigned 'A (sf)' and 'BBB (sf)' ratings, respectively, for the deal's life, based on our credit stability criteria (see "Methodology: Credit Stability Criteria," May 3, 2010).
  • The timely interest and full principal payments expected to be made under stressed cash flow modeling scenarios appropriate for the assigned ratings.
  • The characteristics of the pool being securitized and receivables expected to be purchased during the revolving period.
  • The transaction's payment and legal structures.