SALT LAKE CITY — Prestige Financial Services Inc. completed its ninth rated term securitization, issuing more than $230 million in securities backed by approximately $245 million in automobile installment receivables, the company reported yesterday.

In a transaction led by J.P. Morgan Securities and Wells Fargo Securities, notes were purchased by qualified institutional buyers and investors in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on March 28.  

The five note classes carried ratings ranging from A-1+/R-1 through A+/A from both Standard & Poor’s and DBRS, respectively. The weighted average note yield was 1.91 percent, the lowest the company has achieved on a securitization to date.

“The market continues to respond favorably to Prestige’s transactions,” said John Cho, managing director at J.P. Morgan Securities. “Investor interest in this deal was very high, with a combination of both long-time supporters and several noteworthy new participants coming to the table. This is a strong execution for the company on all fronts.”