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

DBRS has today confirmed the AAA (sf) rating on the Series 2001-B, Class A Notes and the R-1 (high) (sf) rating on the Series 2011-A Notes. The confirmations are based on a review of the Series 2014-A Preliminary Offering Memorandum, the Series 2014-A Supplement to the Base Indenture and the Extension of the Back-Up Servicing 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 includes insurance premium finance loans and the repayment thereof.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.