Press Release

DBRS Confirms Ratings of US ABS Transactions

Auto, Other, Equipment

October 23, 2014

DBRS, Inc. (DBRS) has conducted a review of ten publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 29 classes reviewed, 27 were confirmed and two were discontinued because of full repayment of the notes.

The collateral supporting the transactions is performing within DBRS expectations. For ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient to cover DBRS expected losses.

The following public transactions were reviewed:
-- NYLIMAC 2010-SS-1, LLC, Series 2010-1
-- Novation Receivables Funding LLC, Series 2010-A
-- SuttonPark Structured Settlements 2011-1 LLC
-- SuttonPark Structured Settlements 2012-1 LLC
-- Navitas Equipment Receivables LLC 2013-1
-- AmeriCredit Automobile Receivables Trust 2013-5
-- Axis Equipment Finance Receivables II, LLC
-- California Republic Auto Receivables Trust 2013-2
-- Driver Australia One Trust
-- Nissan Collateralized Auto Receivables, LLC

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

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

Ratings

AmeriCredit Automobile Receivables Trust 2013-5

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Series 2013-5, Class A-1	Discontinued	--	Disc.-Repaid	US
23-Oct-14	Series 2013-5, Class A-2A	AAA (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class A-2B	AAA (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class A-3	AAA (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class B	AA (high) (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class C	A (high) (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class D	BBB (high) (sf)	--	Confirmed	US
23-Oct-14	Series 2013-5, Class E	BB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class A	AAA (sf)	--	Confirmed	US
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class B	AA (sf)	--	Confirmed	US
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class C	A (sf)	--	Confirmed	US
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class D	BBB (sf)	--	Confirmed	US
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class E	BB (sf)	--	Confirmed	US
23-Oct-14	Equipment Contract Backed Notes, Series 2013-1, Class F	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Series 2013-2 Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
23-Oct-14	Series 2013-2 Notes, Class A-2	AAA (sf)	--	Confirmed	US
23-Oct-14	Series 2013-2 Notes, Class B	A (sf)	--	Confirmed	US
23-Oct-14	Series 2013-2 Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Class A Notes	AAA (sf)	--	Confirmed	US
23-Oct-14	Class B Notes	A (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Series 2010-1 Notes, Class A	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Equipment Receivable Backed Notes, Class A	AA (sf)	--	Confirmed	US
23-Oct-14	Equipment Receivable Backed Notes, Class B	A (sf)	--	Confirmed	US
23-Oct-14	Equipment Receivable Backed Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Facility	AAA (sf)	--	Confirmed	US U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Series 2010-A Notes	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Series 2011-1, Class A	AAA (sf)	--	Confirmed	US
23-Oct-14	Series 2011-1, Class B	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Oct-14	Class A	A (sf)	--	Confirmed	US

AmeriCredit Automobile Receivables Trust 2013-5

Series 2013-5, Class A-1

Date Issued:Oct 23, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class A-2A

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class A-2B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class A-3

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class C

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class D

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class E

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Axis Equipment Finance Receivables II, LLC

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

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-1, Class B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-1, Class C

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-1, Class D

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-1, Class E

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-1, Class F

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2013-2

Series 2013-2 Notes, Class A-1

Date Issued:Oct 23, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class A-2

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class C

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Driver Australia One Trust

Class A Notes

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B Notes

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

NYLIMAC 2010-SS-1, LLC

Series 2010-1 Notes, Class A

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Navitas Equipment Receivables LLC 2013-1

Equipment Receivable Backed Notes, Class A

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Receivable Backed Notes, Class B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Receivable Backed Notes, Class C

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Nissan Collateralized Auto Receivables, LLC

Facility

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USUE

Novation Receivables Funding, LLC

Series 2010-A Notes

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

SuttonPark Structured Settlements 2011-1 LLC

Series 2011-1, Class A

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-1, Class B

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

SuttonPark Structured Settlements 2012-1 LLC

Class A

Date Issued:Oct 23, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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