Press Release

DBRS Confirms and Upgrades Ratings of US ABS Transactions

Auto, Equipment

January 17, 2014

DBRS, Inc. (DBRS) has conducted a review of several outstanding U.S. structured finance asset-backed securities transactions. Of the 17 publicly rated series reviewed, 54 outstanding classes were confirmed, 13 classes were upgraded, and 10 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:
• AmeriCredit Automobile Receivables Trust 2011-2
• AmeriCredit Automobile Receivables Trust 2011-3
• AmeriCredit Automobile Receivables Trust 2013-1
• Ascentium Equipment Receivables 2012-1 LLC
• Direct Capital Funding IV, LLC Equipment Contract Backed Notes, Series 2013-1
• First Investors Auto Owner Trust 2011-1
• First Investors Auto Owner Trust 2011-2
• First Investors Auto Owner Trust 2012-1
• First Investors Auto Owner Trust 2012-2
• First Investors Auto Owner Trust 2013-1
• LEAF Capital Funding SPE A, LLC, Equipment Contract Backed Notes, Series 2012-A
• LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1
• LEAF Receivables Funding 4, LLC - Equipment Contract Backed Notes, Series 2010-3
• LEAF Receivables Funding 5, LLC - Equipment Contract Backed Notes, Series 2010-4
• LEAF Receivables Funding 7, LLC - Equipment Contract Backed Notes, Series 2011-2
• LEAF Receivables Funding 8, LLC - Equipment Contract Backed Notes, Series 2012-1
• Westlake Funding VII LLC

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

AmeriCredit Automobile Receivables Trust 2011-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2011-2, Class B	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2011-2, Class C	AAA (sf)	--	Upgraded	US
17-Jan-14	Series 2011-2, Class D	AA (sf)	--	Upgraded	US
17-Jan-14	Series 2011-2, Class E	A (sf)	--	Upgraded	US
17-Jan-14	Series 2011-2, Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2011-3 Notes, Class A-3	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2011-3 Notes, Class B	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2011-3 Notes, Class C	AA (sf)	--	Confirmed	US
17-Jan-14	Series 2011-3 Notes, Class D	A (sf)	--	Confirmed	US
17-Jan-14	Series 2011-3 Notes, Class E	BBB (sf)	--	Confirmed	US
17-Jan-14	Series 2011-3 Notes, Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2013-1, Class A-1	Discontinued	--	Disc.-Repaid	US
17-Jan-14	Series 2013-1, Class A-2	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class A-3	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class B	AA (high) (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class C	A (high) (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class D	BBB (high) (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class E	BB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Class A	AAA (sf)	--	Confirmed	US E
17-Jan-14	Class B	AA (sf)	--	Upgraded	US E
17-Jan-14	Class C	A (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Class A Notes	AAA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2011-1, Class C	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-1, Class D	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-1, Class E	AA (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-1, Class A-2	Discontinued	--	Disc.-Repaid	US
17-Jan-14	Series 2011-1, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2011-2 Notes, Class A-2	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-2 Notes, Class B	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-2 Notes, Class C	AAA (sf)	--	Upgraded	US E
17-Jan-14	Series 2011-2 Notes, Class D	BBB (sf)	--	Confirmed	US E
17-Jan-14	Series 2011-2 Notes, Class E	BB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2012-1, Class A2	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2012-1, Class B	AA (sf)	--	Confirmed	US E
17-Jan-14	Series 2012-1, Class C	A (sf)	--	Confirmed	US E
17-Jan-14	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E
17-Jan-14	Series 2012-1, Class E	BB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2012-2, Class A-2	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-2, Class B	AA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-2, Class C	A (sf)	--	Confirmed	US
17-Jan-14	Series 2012-2, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2013-1, Class A-1	Discontinued	--	Disc.-Repaid	US
17-Jan-14	Series 2013-1, Class A-2	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class B	AA (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class C	A (sf)	--	Confirmed	US
17-Jan-14	Series 2013-1, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2012-A, Class A	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-A, Class B	AA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-A, Class C	A (sf)	--	Confirmed	US
17-Jan-14	Series 2012-A, Class D	BBB (sf)	--	Confirmed	US
17-Jan-14	Series 2012-A, Class E-1	BB (sf)	--	Confirmed	US
17-Jan-14	Series 2012-A, Class E-2	B (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2010-1 , Class B	AAA (sf)	--	Confirmed	US E
17-Jan-14	Series 2010-1 , Class C	A (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2010-3, Class D	AAA (sf)	--	Upgraded	US E
17-Jan-14	Series 2010-3, Class E	BB (sf)	--	Confirmed	US E
17-Jan-14	Series 2010-3, Class C	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2010-4, Class E-1 Notes	A (sf)	--	Upgraded	US E
17-Jan-14	Series 2010-4, Class E-2 Notes	B (low) (sf)	--	Confirmed	US E
17-Jan-14	Series 2010-4, Class C Notes	Discontinued	--	Disc.-Repaid	US
17-Jan-14	Series 2010-4, Class D Notes	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Class A-2	AAA (sf)	--	Confirmed	US E
17-Jan-14	Class B	AAA (sf)	--	Confirmed	US E
17-Jan-14	Class C	AAA (sf)	--	Upgraded	US E
17-Jan-14	Class D	AA (sf)	--	Upgraded	US E
17-Jan-14	Class E-1	A (high) (sf)	--	Upgraded	US E
17-Jan-14	Class E-2	BBB (high) (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Series 2012-1, Class A-1	Discontinued	--	Disc.-Repaid	US
17-Jan-14	Series 2012-1, Class A-2	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class A-3	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class A-4	AAA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class B	AA (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class C	A (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class D	BBB (high) (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class E-1	BBB (low) (sf)	--	Confirmed	US
17-Jan-14	Series 2012-1, Class E-2	BB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
17-Jan-14	Facility	AAA (sf)	--	Confirmed	US

AmeriCredit Automobile Receivables Trust 2011-2

Series 2011-2, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-2, Class C

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-2, Class D

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-2, Class E

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-2, Class A-3

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

AmeriCredit Automobile Receivables Trust 2011-3

Series 2011-3 Notes, Class A-3

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

AmeriCredit Automobile Receivables Trust 2013-1

Series 2013-1, Class A-1

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class A-3

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Ascentium Equipment Receivables 2012-1 LLC

Class A

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Direct Capital Funding IV, LLC Equipment Contract Backed Notes, Series 2013-1

Class A Notes

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

First Investors Auto Owner Trust 2011-1

Series 2011-1, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-1, Class B

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2011-2

Series 2011-2 Notes, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class C

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

First Investors Auto Owner Trust 2012-1

Series 2012-1, Class A2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

First Investors Auto Owner Trust 2012-2

Series 2012-2, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2013-1

Series 2013-1, Class A-1

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

LEAF Capital Funding SPE A, LLC, Equipment Contract Backed Notes, Series 2012-A

Series 2012-A, Class A

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class E-1

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class E-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1

Series 2010-1 , Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-1 , Class C

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

LEAF Receivables Funding 4, LLC - Equipment Contract Backed Notes, Series 2010-3

Series 2010-3, Class D

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3, Class E

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3, Class C

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 5, LLC - Equipment Contract Backed Notes, Series 2010-4

Series 2010-4, Class E-1 Notes

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4, Class E-2 Notes

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-4, Class C Notes

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2010-4, Class D Notes

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 7, LLC - Equipment Contract Backed Notes, Series 2011-2

Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class E-1

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Class E-2

Date Issued:Jan 17, 2014
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

LEAF Receivables Funding 8, LLC - Equipment Contract Backed Notes, Series 2012-1

Series 2012-1, Class A-1

Date Issued:Jan 17, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-3

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-4

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class B

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class C

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class D

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class E-1

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class E-2

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Westlake Funding VII LLC

Facility

Date Issued:Jan 17, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

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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