Foursight Capital Automobile Receivables Trust 2022-1 — Moody’s assigns provisional ratings to Foursight Capital Automobile Receivables Trust 2022-1

Rating Action: Moody’s assigns provisional ratings to Foursight Capital Automobile Receivables Trust 2022-1Global Credit Research – 12 Jan 2022Approximately $206 million of asset-backed securities ratedNew York, January 12, 2022 — Moody’s Investors Service (“Moody’s”) has assigned provisional ratings to the notes to be issued by Foursight Capital Automobile Receivables Trust 2022-1 (FCRT 2022-1). This is the first auto loan transaction of the year for Foursight Capital LLC (Foursight; unrated) and the sixth rated by Moody’s. The notes will be backed by a pool of retail automobile loan contracts originated by Foursight, who is also the servicer and administrator for the transaction.The complete rating actions are as follows:Issuer: Foursight Capital Automobile Receivables Trust 2022-1Class A-2 Notes, Assigned (P)Aaa (sf)Class A-3 Notes, Assigned (P)Aaa (sf)Class B Notes, Assigned (P)Aa3 (sf)Class C Notes, Assigned (P)A3 (sf)RATINGS RATIONALEThe ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure, the experience and expertise of Foursight as the servicer and administrator, a performance guarantee for the servicing and custodian function from Jefferies Financial Group (Baa2) and the backup servicing arrangement.Moody’s cumulative net loss expectation for the 2022-1 pool is 9% and the loss at a Aaa stress is 37%. Moody’s based its cumulative net loss expectation and loss at a Aaa stress on an…