DBRS Confirms Outstanding Ratings on PFS Financing Corp. Series 2011-A Notes and Class A Notes Series 2001-B

DBRS, Inc. (“DBRS”) confirms the R-1 (high) (sf) rating on the Series 2011-A Notes and the AAA (sf) rating on the Class A Notes Series 2001-B. The confirmations are based on a review of the Omnibus Notice Consent and Amendment dated October 23, 2013, including the Thirteenth Supplemental Indenture to the Base Indenture, the Seventh Amendment to the Servicing Agreement and the Fifth Amendment to the Restated Purchase and Sale Agreement.

The ratings address the timely payment of interest and the ultimate payment of principal by the legal final distribution dates on the above referenced notes.

DBRS also reviewed the recent performance of the trust and determined performance has been in line with expectations.

The underlying collateral for these transactions are insurance premium finance loans and the repayment thereof.

Note:
The applicable methodology is Rating U.S. Insurance Premium Finance Securitizations, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.