DBRS Assigns Ratings to Direct Capital Funding III Company, LLC

DBRS has assigned a AA (low) (sf) rating to the notes issued by Direct Capital Funding III Company, LLC. The transaction is a $100,000,000 commercial paper conduit facility for a small-ticket equipment lease-backed transaction funded by Clipper Receivables Company, LLC. The sponsor is a small ticket equipment lessor, Direct Capital Corporation (Direct Capital). The issuer is Direct Capital Funding III Company, LLC (“DCC III”). With respect to this transaction, the lease contracts (includes right, title, and security interests in the contract and the related equipment) are originated by Direct Capital in the ordinary course of business, and acquired by DCC III, as Borrower. DCC III is a bankruptcy-remote special purpose entity which is wholly-owned by Direct Capital.

Note:
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.