NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes that will be issued from ACC Auto Trust 2021-A (“AUTOT 2021-A”), a subprime auto loan ABS transaction. The preliminary ratings reflect the initial credit enhancement levels ranging from 32.15% for the Class A notes to 7.50% for the Class D notes. Credit enhancement for this transaction will consist of overcollateralization (“O/C”), a reserve account, subordination (except for Class D notes) and excess spread.
AUTOT 2021-A represents the inaugural ABS securitization for Automotive Credit Corporation (“ACC” or the “Company”). AUTOT 2021-A is collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and trucks. A portion of the proceeds will be used to repay warehouse facilities and create additional borrowing capacity for future originations.
Headquartered in Southfield, MI, the Company was founded in 1992 by CEO, Jim Blasius, who holds 100% beneficial ownership. ACC originates…
