DBRS Places Bush Leasing Trust 2011-A, LLC Under Review with Negative Implications

DBRS, Inc. (DBRS) has placed the ratings of Bush Leasing Trust 2011-A, LLC Under Review with Negative Implications. The following classes have been put Under Review with Negative Implications:

– Class A Notes rated AA (sf) – Under Review with Negative Implications.
– Class B Notes rated ‘A’ (sf) – Under Review with Negative Implications.
– Class C Notes rated BBB (sf) – Under Review with Negative Implications.

The placement of the ratings Under Review with Negative Implications has been taken as result of the occurrence of an Event of Default (Event), as defined in the transaction legal documents, related to a breach of a Servicing covenant (providing for the delivery of the Annual Independent Accountants’ Servicing Report). While the Control Party, defined as 66 2/3% of the Class A Notes (as long as the Class A Notes are outstanding), has not directed the Trustee to take immediate further action in connection with the Event, changes to the structure may be directed that could affect collateral performance and the sufficiency of credit protection. Depending on the resolution of this Event, the outstanding ratings will either be confirmed or downgraded.

Currently, the performance of the transaction and credit enhancement levels for the classes placed Under Review with Negative Implications are within DBRS expectations for their respective rating levels.

DBRS is monitoring Bush Truck Leasing, Inc.’s efforts to address this matter and will provide additional disclosure as appropriate.

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.