OneMain Holdings has gained a two-notch ratings promotion for its second overall subprime securitization of cash-out refi auto loans.

Moody’s Investors Service on Tuesday issued a provisional ‘Aa3’ senior note rating to the OneMain Direct Auto Receivables Trust 2017-1, a $299.95 million five-note series backed by secured, direct vehicle loans originated at the branches of its subsidiary, Springleaf Finance Corp. (SFC, d/b/a OneMain Financial).

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