DBRS Confirms Series 2012-2, Series 2013-1 and Series 2014-1 from Chesapeake Funding LLC

DBRS has today confirmed the outstanding ratings on Series 2012-2, Series 2013-1, and Series 2014-1 issued by Chesapeake Funding LLC.

For Chesapeake Funding LLC, Series 2012-2:
-- Series 2012-2, Class A at AAA (sf)
-- Series 2012-2, Class B at AA (sf)
-- Series 2012-2, Class C at A (sf)
-- Series 2012-2, Class D at BBB (sf)

For Chesapeake Funding LLC, Series 2013-1:
-- Series 2013-1 Notes, Class A at AAA (sf)
-- Series 2013-1 Notes, Class B at AA (sf)
-- Series 2013-1 Notes, Class C at A (sf)
-- Series 2013-1 Notes, Class D at BBB (sf)

For Chesapeake Funding LLC, Series 2014-1
-- Series 2014-1 Notes, Class A at AAA (sf)
-- Series 2014-1 Notes, Class B at AA (sf)
-- Series 2014-1 Notes, Class C at A (sf)
-- Series 2014-1 Notes, Class D at BBB (sf)

The rating confirmation is based on an analysis of certain amendments to the Chesapeake Funding LLC program in connection with Element Financial Corporation’s acquisition of PHH Corporation’s Fleet Lease business.

DBRS believes the program amendments have minimal impact on the creditworthiness of the rated notes. DBRS also considered the availability of credit enhancement and the presence of triggers in each series in connection with these amendments. Furthermore, current performance of the transaction is in line with DBRS expectations.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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