Press Release

DBRS Confirms and Upgrades Ratings of US ABS Transactions

Auto, Other, Equipment
July 29, 2013

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

Ratings

1st Financial Credit Card Master Note Trust II, Series 2009-A
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
1st Financial Credit Card Master Note Trust II, Series 2010-C
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
1st Financial Credit Card Master Note Trust II, Series 2010-D
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
1st Financial Credit Card Master Note Trust II, Series 2011-A
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Capital One Multi-asset Execution Trust
  • Date Issued:Jul 29, 2013
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Credit Acceptance Auto Loan Trust 2010-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Credit Acceptance Auto Loan Trust 2011-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Credit Acceptance Auto Loan Trust 2012-2
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
FCDB PSL Trust 2010-1 and FCDB NPSL Trust 2010-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
HELIOS Finance Limited Partnership 2007-S1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
HFG Healthco-4 LLC, Healthcare Receivables-Backed Notes, Series 2011-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Healthcare Equipment Financing 2012-1, LLC
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Healthcare Equipment Funding, LLC 2011-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1
  • Date Issued:Jul 29, 2013
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
SLC Private Student Loan Trust 2010-B
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Capital Master Note Trust Series 2009-VFN
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Network Credit Card Master Note Trust Series 2009-D
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
World Financial Network Credit Card Master Note Trust Series 2009-VFN
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Network Credit Card Master Note Trust Series 2012-D
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Network Credit Card Master Trust III, Series 2009-VFC1
  • Date Issued:Jul 29, 2013
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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Contacts

  • Claire Mezzanotte
    Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
    +(1) 212 806 3272
  • Maxim Berger
    Assistant Vice President, US ABS & Surveillance - Global Structured Finance
    +1 212 806 3279
  • Jayce Fox
    Senior Vice President, US ABS Surveillance - Global Structured Finance
    +1 203 883 5815
  • Jan Buckler
    Senior Vice President, Sector Lead - Global Structured Finance Ratings
    +(1) 212 806 3925

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