DBRS also assigned ratings to the following classes of notes issued by TPAT 2018-SL1:
Transaction cash flows are sufficient to repay investors under all stress scenarios in accordance with the terms of the TPAT 2018-SL1 transaction documents.
Consistent with the seasoning of the TPAT 2018-SL1 transaction, DBRS applied one additional year of seasoning credit in its default analysis, resulting in a revised expected default of 13.27%.
Based on the most constraining cash flow scenario, the TPAT 2018-SL1 transaction is able to withstand cumulative defaults by rating level of approximately 52.05% at the AAA (sf) rating, 34.79% at A (high) (sf), 30.28% at BBB (high) (sf), 23.09% at BBB (low) (sf) and 18.67% at BB (low) (sf).
The rating actions taken on TPAT 2018-SL1 transaction were taken in relation to the future combination of Morningstar Credit Ratings, LLC (MCR) and DBRS into one single U.S.