DBRS Maintains Under Review with Negative Implications Rating on LEAF 2011-1

DBRS has today maintained the placement of ratings of the LEAF Receivables Funding 6, LLC - Equipment Contract Backed Notes, Series 2011-1 (the Series 2011-1), Under Review with Negative Implications due to: (1) the existence of an Event of Servicer Termination related to the breach of a cumulative loss trigger (as further described in the transaction documents) and (2) the Servicer’s management of the transaction’s delinquency pipeline. The ratings had originally been placed Under Review with Negative Implications as a result of a breach of a delinquency trigger (as further described in the documents). If exercised, the Event of Servicer Termination could affect future performance of the collateral.

Recent delinquency levels and rates of loss accumulation could increase stress on the transaction, particularly upon the junior most rated security, the Class E-2, depending on the strategy Servicer uses in its management of those non-performing assets.

The classes affected are:

-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E-1 at BB (sf)
-- Class E-2 at B (low) (sf)

DBRS will continue to monitor delinquency aging, defaults and recoveries, and will resolve the Under Review with Negative Implications placement as soon as sufficient information becomes available. The outstanding ratings may either be confirmed or downgraded, depending on the resolution of these situations.

DBRS has also discontinued the AAA (sf) rating of the Class A notes and the AA (sf) ratings on the Class B notes due to their repayment.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.