Press Release

DBRS Confirms and Upgrades Ratings of US ABS Transactions

Auto, Student Loans

September 30, 2013

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, 16 outstanding classes were confirmed, 5 classes were upgraded, and 6 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:
• Auto Loan Acquisition 2011-A LLC
• Auto Loan Acquisition 2011-B LLC
• Exeter Automobile Receivables Trust 2012-2
• Ford Credit Auto Owner Trust 2009-D
• Minnesota Office of Higher Education Adjustable Rate Supplemental SLP Revenue Bonds 2012, Series A & B
• Nelnet Student Loan Trust 2012-4
• United Auto Credit Securitization Trust 2012-1

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

Auto Loan Acquisition 2011-A LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Class C	AAA (sf)	--	Upgraded	US E
30-Sep-13	Class D	AA (sf)	--	Upgraded	US E
30-Sep-13	Class A	Discontinued	--	Disc.-Repaid	US
30-Sep-13	Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Class C	AAA (sf)	--	Upgraded	US E
30-Sep-13	Class D	AA (sf)	--	Upgraded	US E
30-Sep-13	Class A	Discontinued	--	Disc.-Repaid	US
30-Sep-13	Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Series 2012-2, Class A	AAA (sf)	--	Confirmed	US
30-Sep-13	Series 2012-2, Class B	A (sf)	--	Confirmed	US
30-Sep-13	Series 2012-2, Class C	BBB (sf)	--	Confirmed	US
30-Sep-13	Series 2012-2, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Class B	AAA (sf)	--	Confirmed	US E
30-Sep-13	Class C	AAA (sf)	--	Confirmed	US E
30-Sep-13	Class D	AAA (sf)	--	Confirmed	US E
30-Sep-13	Class A-4	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	2012 Series A	R-1 (high) (sf)	--	Confirmed	US
30-Sep-13	2012 Series B	R-1 (high) (sf)	--	Confirmed	US
30-Sep-13	2012 Series A	AA (sf)	--	Confirmed	US
30-Sep-13	2012 Series B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Series 2012-4, Class A	AAA (sf)	--	Confirmed	US
30-Sep-13	Series 2012-4, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
30-Sep-13	Series 2012-1, Class A-1	Discontinued	--	Disc.-Repaid	US
30-Sep-13	Series 2012-1, Class A-2	AAA (sf)	--	Confirmed	US E
30-Sep-13	Series 2012-1, Class B	AAA (sf)	--	Upgraded	US E
30-Sep-13	Series 2012-1, Class C	A (sf)	--	Confirmed	US E
30-Sep-13	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E

Auto Loan Acquisition 2011-A LLC

Class C

Date Issued:Sep 30, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Sep 30, 2013
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Auto Loan Acquisition 2011-B LLC

Class C

Date Issued:Sep 30, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Sep 30, 2013
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2012-2

Series 2012-2, Class A

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class B

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Ford Credit Auto Owner Trust 2009-D

Class B

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A-4

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Minnesota Office of Higher Education Adjustable Rate Supplemental SLP Revenue Bonds 2012, Series A & B

2012 Series A

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

2012 Series B

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

2012 Series A

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

2012 Series B

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Nelnet Student Loan Trust 2012-4

Series 2012-4, Class A

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-4, Class B

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

United Auto Credit Securitization Trust 2012-1

Series 2012-1, Class A-1

Date Issued:Sep 30, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-2

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Sep 30, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class C

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Sep 30, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

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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