Press Release

DBRS Publishes Methodology for Rating U.S. Auto Fleet Lease Securitizations

Auto
October 10, 2014

DBRS has today published a methodology, Rating U.S. Auto Fleet Lease Securitizations. The methodology provides analytical framework for reviewing auto fleet lease securitizations in the United States.

This methodology provides a discussion of the following:

-- Background information on the auto fleet industry.
-- A structural overview of transactions, including bankruptcy remoteness risks.
-- Key variables affecting auto fleet transactions.
-- Certain structural risks and historical performance in auto fleet securitizations.
-- Components of enhancement.
-- Evaluating credit enhancement considerations.

The methodology also provides a synopsis of the analysis and resulting assumptions used to evaluate the key risks identified.

DBRS has also published its new stressed forward interest rate curves per its new Unified Interest Rate Model for U.S. Auto Fleet Lease ABS Transactions, which sets forth a consistent platform for the application of interest rate stresses applied across all U.S. auto fleet lease ABS ratings.

This methodology, effective as of the date of this press release, supersedes any previous methodologies. DBRS does not deem the changes to be material. Accordingly, this methodology release does not result in any rating changes or other rating actions.

DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.

For more information on ratings for U.S. auto fleet lease securitizations, visit www.dbrs.com or contact us at info@dbrs.com.