Standard &Poor’s has assigned preliminary ratings to Consumer Portfolio Services’ $183 million subprime auto deal dubbed CPS Auto Receivables Trust 2013-D.
The class A notes are rated AA-; the class B notes are rated A’; the class C notes are rated BBB’; the class D notes are rated BBB-’; and the class E notes are rated BB-’.
CPS will prefund approximately $63 million of receivables, which make up around 35% of the total pool, according to the presale report. CPS expects to prefund the transaction within 30 days of closing, similar to its other pre-funded transactions since series 2011-C.
Citigroup is lead underwriter on the transaction and Wells Fargo Bank will be the backup servicer.
CPS has operated since 1991 and has weathered three economic downturns. As of Sept. 30, 2013, CPS' total managed portfolio was approximately $1.1 billion, compared with its peak of $2.1 billion in 2007, according to the presale report.
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