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 20 publicly rated series reviewed, 55 outstanding classes were confirmed, 1 class was upgraded, and 3 classes were discontinued due to full 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 rating that was 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:
• 1st Financial Credit Card Master Note Trust II, Series 2009-A
• 1st Financial Credit Card Master Note Trust II, Series 2010-C
• 1st Financial Credit Card Master Note Trust II, Series 2010-D
• 1st Financial Credit Card Master Note Trust II, Series 2011-A
• Capital One Multi-asset Execution Trust
• Credit Acceptance Auto Loan Trust 2010-1
• Credit Acceptance Auto Loan Trust 2011-1
• Credit Acceptance Auto Loan Trust 2012-2
• FCDB PSL Trust 2010-1 and FCDB NPSL Trust 2010-1
• Healthcare Equipment Financing 2012-1, LLC
• Healthcare Equipment Funding, LLC
• HELIOS Finance Limited Partnership 2007-S1
• HFG Healthco-4 LLC, Healthcare Receivables-Backed Notes, Series 2011-1
• LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1
• SLC Private Student Loan Trust 2010-B
• World Financial Capital Master Note Trust Series 2009-VFN
• World Financial Network Credit Card Master Note Trust Series 2009-D
• World Financial Network Credit Card Master Note Trust Series 2012-D
• World Financial Network Credit Card Master Note Trust, Series 2009-VFN
• World Financial Network Credit Card Master Trust III, Series 2009-VFC1

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