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.
We work across the world

From London to San Francisco, to our home base in (Saint Helier) Jersey, we’re looking for extraordinary and creative scientists to help us drive the field forward.

AC Investment Inc. currently does not act as an equities executing broker or route orders containing equities securities. If AC Invest’s business model were to change and it begins routing non-directed orders in NMS securities, it will comply with the disclosure requirement of Rule 606.

77 Massachusetts Avenue Cambridge, MA 02139 617-253-1000 pr@ademcetinkaya.com