DBRS Confirms and Upgrades Ratings on Marlin Leasing Receivables XII LLC, Series 2010-1

DBRS, Inc. (DBRS) has confirmed and upgraded various classes of the Marlin Leasing Receivables XII LLC, Series 2010-1 transaction. The collateral supporting the transaction has exhibited positive performance trends. The upgrades were based on an increase in credit support sufficient to withstand stresses at their newly assigned rating level

The following classes have been reviewed:

-- Class A-2 has been confirmed at AAA (sf)
-- Class B previously rated AA (sf) has been upgraded to AAA (sf)
-- Class C previously rated A (sf) has been upgraded to AAA (sf)
-- Class D previously rated BBB (sf) has been upgraded to AA (sf)

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