DBRS Confirms Outstanding Ratings on PFS Financing Corp.

DBRS, Inc. (“DBRS”) confirms the R-1 (high) (sf) rating on the Series 2011-A Notes, the AAA (sf) rating Series 2010-D Class A and the A (sf) rating on the Series 2010-D Class B Notes. The confirmations are based on a review of the proposed issuance of Series 2012-C Notes and Omnibus Notice Consent and Amendment dated October 24, 2012 to the Base Indenture dated as of May 1, 2001, as amended and restated, between PFS Financing Corp., a Missouri corporation, 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.

The underlying collateral for these transactions are insurance premium finance loans and the repayment thereof.

Notes:
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.