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 7 publicly rated series reviewed, 22 outstanding classes were confirmed, 4 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.

Furthermore, all the classes from the LEAF Receivables Funding 5, LLC - Equipment Contract Backed Notes, Series 2010-4 transaction have been removed from Under Review – Negative as part of the confirmation of the classes.

The following public transactions have been reviewed:
• CIT Equipment Collateral 2012-VT1
• Credit Acceptance Auto Loan Trust 2012-1
• DSC Floorplan Master Owner Trust Series 2011-1
• DT Auto Owner Trust 2012-1
• First Investors Auto Owner Trust 2011-1
• First Investors Auto Owner Trust 2011-2
• LEAF Receivables Funding 5, LLC - Equipment Contract Backed Notes, Series 2010-4

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.