SALT LAKE CITY –

Prestige Financial Services recently completed its 15th rated term securitization, issuing $343.6 million in securities backed by $369.46 million in automobile installment receivables.

In a transaction led jointly by Wells Fargo Securities and J.P. Morgan Securities, the finance company highlighted notes were purchased by qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act.

The securitization closed on Oct. 27.

Officials indicated the seven note classes issued by Prestige Auto Receivables Trust 2016-2 carried ratings ranging from A-1+/R-1(h) through BB/BB from Standard & Poor’s and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer.

The duration-weighted average rate was 2.68 percent, representing a milestone for the company’s securitization platform as the second offering in a given calendar year.

“Prestige continues to demonstrate solid access to the ABS capital markets,” said Leah Miller, head of the ABF consumer finance group at Wells Fargo Securities.

Prestige manages a portfolio of more than $1 billion in contracts and does business with dealerships across the country.

“Our bankers applied tremendous expertise and commitment to ensuring this transaction’s success,” Prestige president Bryant Henrie said. “Thanks to them, our loyal investors, and our highly engaged employees for another strong execution.”