DBRS Assigned a Final Rating of AAA (sf) to Direct Capital Funding IV, LLC (Issuer) Equipment Contract Backed Notes, Series 2013-1 Class A Notes

DBRS, Inc. (DBRS) has reviewed materials related to Direct Capital Funding IV, LLC Equipment Contract Backed Notes, Series 2013-1. Based on such review, DBRS has assigned the following rating:

o $129,237,000 Class A Notes rated AAA (sf)
--Coupon: 1.673%
-- Legal Final Payment Date: 12/20/2017

o $13,795,000 Class B Notes not rated
--Coupon: 2.23%
-- Legal Final Payment Date: 10/20/2019

o $7,787,000 Class C Notes not rated
--Coupon: 2.76%
-- Legal Final Payment Date: 10/20/2019

o $7,109,000 Class D Notes not rated
--Coupon: 5.00%
-- Legal Final Payment Date: 10/20/2019

o $5,072,000 Class E Notes not rated
--Coupon: 5.00%
-- Legal Final Payment Date: 10/20/2019

The transaction provides financing for the activities of Direct Capital Corporation, a specialty finance company that engages primarily in the origination of small ticket and middle ticket equipment leases.

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

The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on our website under Methodologies.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.