Kroll Bond Rating Agency today raised its preliminary rating on two tranches in a recently issued subprime auto loan transaction by First Investors.

Priced on Nov. 6, First Investors Auto Owner Trust 2013-3 ended up with higher excess spread thanks to tighter coupons. This prompted Kroll to raise the score that it expects to give the B tranche to ‘AA+’ from ‘AA’ initially and the D tranche to ‘BBB+’ from ‘BBB.’

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