DBRS Confirms and Upgrades Ratings of US ABS Transactions

DBRS, Inc. (DBRS) has conducted a review of several outstanding U.S. structured finance asset-backed securities transactions. Of the 11 publicly rated series reviewed, 37 outstanding classes were confirmed, 10 classes were upgraded, and 3 classes were discontinued due to repayment of the notes.

The collateral supporting the transactions is performing within DBRS expectations. For the ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient enough to cover DBRS expected losses. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.

The following public transactions have been reviewed:
• Axis Equipment Finance Receivables LLC
• Bush Leasing Trust 2011-A, LLC
• CIT Equipment Collateral 2010-VT1
• Exeter Automobile Receivables Trust 2012-1
• First Investors Auto Owner Trust 2012-1
• GCO Education Loan Funding Master Trust-II, Series 2006-2
• GCO Education Loan Funding Master Trust-II, Series 2007-1
• Gemino Healthcare Funding, LLC
• Marine One Funding Corporation
• Prestige Auto Receivables Trust 2011-1
• Prestige Auto Receivables Trust 2012-1

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

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