DBRS Confirms Outstanding Ratings on PFS Financing Corp.

DBRS, Inc. (DBRS) confirms the AAA (sf) rating on the Series 2011-A Notes and Series 2010-D Class A and Class B Notes. The confirmations relate to the issuance of notes in an amount of $377,950,000 for the Series 2012-B Class A notes and $22,050,000 for the Series 2012-B Class B notes and an amendment to the VFN Series Note Purchase Agreements modifying certain extension provisions. The confirmations are based on a review of the Series 2012-B Supplement dated as of September 19, 2012 and the Base Indenture dated as of May 1, 2001, as amended and restated, between PFS Financing Corp., a Missouri corporation and Wells Fargo Bank, National Association (as successor to JPMorgan Chase Bank N.A.), as trustee.

The ratings address the timely payment of interest and the ultimate payment of principal by the legal final distribution dates on the above referenced notes.

DBRS also reviewed the recent performance of the trust and determined performance has been in line with expectations.

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

The applicable methodology is Rating U.S. Insurance Premium Finance Securitizations, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.