DBRS Confirms Bush Leasing Trust 2011-A, LLC, Removes from Under Review

DBRS has today confirmed the ratings of Bush Leasing Trust 2011-A, LLC and removed the Under Review with Negative Implications status. The following classes have been confirmed:

-- Series 2001-A, Class A at AA (sf)
-- Series 2011-A, Class B at A (sf)
-- Series 2011-A, Class C at BBB (sf)

The ratings were placed Under Review with Negative Implications, as result of an Event of Default (the Event), as defined in the transaction’s legal documents, related to the breach of a servicing covenant requiring the timely provision of an Annual Independent Accountants’ Servicing Report. Subsequently, the Servicer violated the Tangible Net Worth covenant in the transaction’s documents as well. As a result of the Event, the transaction’s flow of funds triggered into a sequential repayment structure. As of this date, 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 remove the Servicer, but has not waived the Event.

Despite the covenant violations, performance of the transaction and credit enhancement levels for the classes remain within the DBRS expectations for their respective ratings.

DBRS will continue to monitor any developments in conjunction with the outstanding Event, as well as the performance of the transaction and will provide additional disclosure as appropriate.

Notes:
The applicable methodology is 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.