DBRS upgrades Chrysler Financial

DBRS said it upgraded Chrysler Financial Services Americas LLC's issuer rating to CCC from C and its second-lien secured credit facility to B from C.

The ratings were removed from under review with negative implications, where they were placed on April 30, 2009, and the trend is stable.

The agency said the ratings of Chrysler Financial reflect its improving financial profile, namely its improved capitalization, significantly reduced debt levels and sound credit risk and servicing capabilities.

The ratings, however, are constrained by the still-limited funding profile and uncertainties regarding the company's evolving business plan and its future prospects as it endeavors to grow new lending in the subprime and near-prime auto space and, to a lesser extent, into mid-market commercial lending.

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