DBRS Rates Marlin Leasing Receivables XI LLC, Equipment Contract Backed Notes, Series 2010-1

DBRS has assigned final ratings to the following classes issued by Marlin Leasing Receivables XII LLC:

-- Series 2010-1 Notes, Class A-1 rated R-1 (high)
-- Series 2010-1 Notes, Class A-2 rated AAA
-- Series 2010-1 Notes, Class B rated AA
-- Series 2010-1 Notes, Class C rated A
-- Series 2010-1 Notes, Class D rated BBB

This transaction represents the tenth term securitization from the Marlin Leasing Corporation (MLC), the originator, servicer and sponsor of the transaction.

The ratings reflect the ability of the transaction structure to withstand significant stresses relative to base case defaults and losses, timing of losses, recoveries, residual realization, delinquencies and ongoing costs of the transaction, as appropriate for the rating category.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on our website under Methodologies.

This is a Structured Finance rating.