DBRS Takes Rating Actions on U.S. Equipment Asset-Backed Securities

DBRS Inc. has conducted a review of all outstanding U.S. structured finance equipment warehouse asset-backed securities transactions issued through December 31, 2010. Of the 6 transactions reviewed, 10 outstanding classes were confirmed and one class was downgraded.

In transactions where the rating was confirmed the collateral performance is within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses. For the transaction that was downgraded, the collateral has exhibited negative performance trends and the credit support has decreased to a level that is no longer consistent with its previous rating level.

The following transactions have been reviewed:
•Axis Capital Funding, LLC
•Highline Funding LLC
•LEAF Capital Funding SPE A, LLC, Equipment Contract Backed Notes, Series 2010-A 3
•LEAF Fund I, LLC
•LEAF Fund II, LLC
•PBFI Funding, LLC

Notes:
DBRS rating definitions and the terms of use of such ratings are available at www.dbrs.com.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.