DBRS Takes Rating Actions on LEAF Commercial Capital, Inc. Equipment ABS

DBRS, Inc. (DBRS) has reviewed nine of its outstanding U.S. structured finance equipment asset-backed securities transactions issued by various funds sponsored by LEAF Commercial Capital, Inc. The following three transactions were issued by LEAF Commercial Capital, Inc. Of the three publicly rated series reviewed, 18 classes were confirmed and one class was discontinued due to repayment of the noteholders.

The following public transactions issued by LEAF Commercial Capital, Inc. have been confirmed:

• LEAF Receivables Funding 3, LLC, Equipment Contract Backed Notes, Series 2010-2
– Class A Notes confirmed at AAA (sf)
– Class B Notes confirmed at AA (sf)
– Class C Notes confirmed at ‘A’ (sf)
– Class D Notes confirmed at BBB (sf)
– Class E Notes confirmed at BB (sf)

• LEAF Capital Funding SPE A, LLC, Equipment Contract Backed Notes, Series 2010-A
– Class A Notes confirmed at AAA (sf)
– Class B Notes confirmed at AA (sf)
– Class C Notes confirmed at ‘A’ (sf)
– Class D Notes confirmed at BBB (sf)
– Class E-1 Notes confirmed at BB (sf)
– Class E-2 Notes confirmed at B (low) (sf)

• LEAF Receivables Funding 7, LLC - Equipment Contract Backed Notes, Series 2011-2
– Class A-1A Notes previously rated R-1 (high) (sf) now rated Discontinued--Repaid
– Class A-1B Notes confirmed at R-1 (high) (sf)
– Class A-2 Notes confirmed at AAA (sf)
– Class B Notes confirmed at AA (sf)
– Class C Notes confirmed at ‘A’ (sf)
– Class D Notes confirmed at BBB (high) (sf)
– Class E-1 Notes confirmed at BBB (sf)
– Class E-2 Notes confirmed at BB (sf)

The collateral supporting the confirmed ratings is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

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.