DBRS Confirms Ratings of U.S. ABS Transactions

DBRS has today conducted a review of five publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 20 classes reviewed, 18 were confirmed and two 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.

The following public transactions were reviewed:

-- Exeter Automobile Receivables Trust 2013-2
-- BXG Receivables Note Trust 2013-A
-- LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1
-- Direct Capital Funding V, LLC, Series 2013-2
-- Macquarie Equipment Funding, LLC

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.

Ratings

BXG Receivables Note Trust 2013-A

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Sep-14	Class A	A (sf)	--	Confirmed	US
02-Sep-14	Class B	BBB (sf)	--	Confirmed	US

More

Direct Capital Funding V, LLC, Series 2013-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Sep-14	Equipment Contract Backed Notes, Series 2013-2, Class A-1	Discontinued	--	Disc.-Repaid	US
02-Sep-14	Equipment Contract Backed Notes, Series 2013-2, Class A-2	AAA (sf)	--	Confirmed	US
02-Sep-14	Equipment Contract Backed Notes, Series 2013-2, Class B	A (high) (sf)	--	Confirmed	US
02-Sep-14	Equipment Contract Backed Notes, Series 2013-2, Class C	BBB (sf)	--	Confirmed	US

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Exeter Automobile Receivables Trust 2013-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Sep-14	Series 2013-2, Class A	AAA (sf)	--	Confirmed	US
02-Sep-14	Series 2013-2, Class B	A (sf)	--	Confirmed	US
02-Sep-14	Series 2013-2, Class C	BBB (sf)	--	Confirmed	US
02-Sep-14	Series 2013-2, Class D	BB (sf)	--	Confirmed	US

More

LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1

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

More

Macquarie Equipment Funding, LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Sep-14	Revolving Debt Obligations	AA (high) (sf)	--	Confirmed	US E

More

BXG Receivables Note Trust 2013-A

Class A

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Direct Capital Funding V, LLC, Series 2013-2

Equipment Contract Backed Notes, Series 2013-2, Class A-1

Date Issued:Sep 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-2, Class A-2

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-2, Class B

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-2, Class C

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2013-2

Series 2013-2, Class A

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class B

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class C

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2, Class D

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1

Class A-1

Date Issued:Sep 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-4

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class E-1

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class E-2

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Macquarie Equipment Funding, LLC

Revolving Debt Obligations

Date Issued:Sep 2, 2014
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

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