Subprime auto lender Consumer Portfolio Services (CPS) is paying a steep premium for rising levels of risk in its second securitization of the year.

The CPS Auto Receivables Trust (CPSART) 2017-B is issuing bonds totaling $225.17 million, including $101.66 million in senior Class A notes rated triple-A by both Kroll Bond Rating Agency and S&P Global Ratings. To secure these top ratings, the sponsor had to offer initial credit enhancement of 56.8%, and that’s targeted to rise to 62.15%.

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