LEAF 2011-1 Equipment ABS to Remain Under Review

The ratings of the LEAF Receivables Funding 6, LLC - Equipment Contract Backed Notes, Series 2011-1 (the “Series 2011-1”) remain Under Review with Negative Implications due to the existence of an Event of Servicer Termination related to the breach of a delinquency performance trigger (as further described in the transaction documents). The placement of the ratings Under Review with Negative Implications had originally been taken on June 24, 2013. If exercised, the Event of Servicer Termination could affect future performance of the collateral. The outstanding ratings will either be confirmed or downgraded depending on the resolution of this situation.

Delinquency performance has improved since the breach with the current month 91+ day delinquencies below 3% in the most recent Series 2011-1 Monthly Servicer Report delivered in connection with the August 20, 2013 payment date. However, while delinquency performance has in the current period migrated within more anticipated ranges, the additional defaults recorded and greater obligor concentration in the remaining portfolio increase the potential for stress on the transaction, particularly upon the junior most rated security, the Class E-2.

DBRS will continue to monitor delinquency aging, defaults and recoveries, and will resolve the Under Review with Negative Implications as soon as sufficient information becomes available.

DBRS has also discontinued the AAA (sf) rating of the Class A notes due to the repayment of the notes.

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.