For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's Rating Symbols and Definitions can be found at: analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, lack of transactional governance and fraud.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. The US job market and the market for used vehicles are also primary drivers of the transactions' performance. Losses could increase from Moody's original expectations as a result of a higher number of obligor defaults or a deterioration in the value of the vehicles securing the obligors' promise of payment. Other reasons for better-than-expected performance include changes in servicing practices to maximize collections on the loans or refinancing opportunities that result in a prepayment of the loan.DownLevels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or greater recoveries from the value of the vehicles securing the obligors' promise of payment. Alternatively, please see the Rating Methodologies page on for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the ratings:UpLevels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. The loss expectations reflect updated performance trends on the underlying pools.PRINCIPAL METHODOLOGYThe principal methodology used in these ratings was Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS published in September 2021 and available at. Rating Action: Moody's upgrades Exeter Finance LLC auto loan ABS issued between 20Global Credit Research - New York, Ma- Moody's Investors Service ("Moody's") has upgraded the ratings for four notes from three transactions sponsored and serviced by Exeter Finance LLC.The complete rating actions are as follows:Issuer: Exeter Automobile Receivables Trust 2020-1Class D Notes, Upgraded to Aaa (sf) previously on Upgraded to Aa1 (sf)Issuer: Exeter Automobile Receivables Trust 2021-1Class D Notes, Upgraded to Aa1 (sf) previously on Upgraded to Aa3 (sf)Issuer: Exeter Automobile Receivables Trust 2021-2Class C Notes, Upgraded to Aaa (sf) previously on Definitive Rating Assigned Aa2 (sf)Class D Notes, Upgraded to Baa2 (sf) previously on Definitive Rating Assigned Baa3 (sf)RATINGS RATIONALEThe upgrades are primarily driven by the buildup of credit enhancement due to structural features including a sequential pay structure reserve account and overcollateralization as well as a reduction in our cumulative net loss expectations for the underlying pools.Our lifetime cumulative net loss expectations range between 17% and 22% for the transactions.
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