DBRS Confirms Two Series from Chesapeake Funding LLC

DBRS, Inc. (DBRS) has confirmed the outstanding ratings on Series 2012-2 and Series 2013-1 issued by Chesapeake Funding LLC.

The rating confirmation is based on an analysis of certain amendments to the Chesapeake Funding LLC program. The amendments relate to, among other matters:

• Adding new concentration limits for certain lease terms.
• Conforming obligor concentration limits to the levels in Series 2012-2 and increasing certain concentration limits.
• Reducing the minimum required account bank rating for certain trust accounts.

DBRS also considered the availability of credit enhancement and the presence of triggers in each series in connection with these amendments. DBRS considers the program amendments have a minimal impact on the creditworthiness of the rated notes. Furthermore, current performance of the transaction is in line with DBRS expectations.

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

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