Consumer Portfolio Services is prepping its second subprime auto loan securitization of the year, according to a presale report published by Standard & Poor’s.

The $250 million CPS Auto Receivables Trust 2015-B will issue five classes of fixed-rate notes. S&P assigned a preliminary ‘AA-‘to the $166.87 million class A senior notes with a weighted average life (WAL) of 1.22 years; an ‘A’ rating to the $32.5 million class B notes with a WAL of 2.93 years; and a ‘BBB’ rating to the $32.5 million class C notes with a WAL of 3.68 years. The $10 million class D notes and $8.13 million class E notes both have a WAL of 4.08 years and received below investment grade ratings at ‘BB’ and ‘B,’ respectively.

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