Press Release

DBRS Confirms and Upgrades Ratings of US ABS Transactions

Auto, Equipment

December 01, 2014

DBRS, Inc. (DBRS) has conducted a review of eight publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 27 classes reviewed, ten were confirmed, 12 were upgraded and five 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. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.

The following public transactions were reviewed:
-- AmeriCredit Automobile Receivables Trust 2011-3
-- Rental Car Finance Corp. Series 2011-1
-- First Investors Auto Owner Trust 2012-1
-- United Auto Credit Securitization Trust 2012-1
-- California Republic Auto Receivables Trust 2012-1
-- United Auto Credit Securitization Trust 2013-1
-- California Republic Auto Receivables Trust 2013-1
-- Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1

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 (October 2014), which can be found on our website under Methodologies.

Ratings

AmeriCredit Automobile Receivables Trust 2011-3

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Series 2011-3 Notes, Class D	AAA (sf)	--	Upgraded	US
01-Dec-14	Series 2011-3 Notes, Class E	A (high) (sf)	--	Upgraded	US
01-Dec-14	Series 2011-3 Notes, Class A-3	Discontinued	--	Disc.-Repaid	US
01-Dec-14	Series 2011-3 Notes, Class B	Discontinued	--	Disc.-Repaid	US
01-Dec-14	Series 2011-3 Notes, Class C	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Class A	AAA (sf)	--	Confirmed	US
01-Dec-14	Class B	AAA (sf)	--	Upgraded	US
01-Dec-14	Class C	A (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Class A-2	AAA (sf)	--	Confirmed	US
01-Dec-14	Class B	AA (high) (sf)	--	Upgraded	US
01-Dec-14	Class C	A (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Series 2012-1, Class A2	AAA (sf)	--	Confirmed	US E
01-Dec-14	Series 2012-1, Class B	AAA (sf)	--	Upgraded	US E
01-Dec-14	Series 2012-1, Class C	AA (sf)	--	Upgraded	US E
01-Dec-14	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E
01-Dec-14	Series 2012-1, Class E	BB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Class A	A (high) (sf)	--	Upgraded	US E

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Series 2012-1, Class C	AAA (sf)	--	Upgraded	US E
01-Dec-14	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E
01-Dec-14	Series 2012-1, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
01-Dec-14	Class B	AAA (sf)	--	Upgraded	US E
01-Dec-14	Class C	A (high) (sf)	--	Upgraded	US E
01-Dec-14	Class D	BBB (sf)	--	Confirmed	US E
01-Dec-14	Class E	BB (sf)	--	Confirmed	US E
01-Dec-14	Class A-2	Discontinued	--	Disc.-Repaid	US

AmeriCredit Automobile Receivables Trust 2011-3

Series 2011-3 Notes, Class D

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class E

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class A-3

Date Issued:Dec 1, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Dec 1, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Dec 1, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2012-1

Class A

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2013-1

Class A-2

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2012-1

Series 2012-1, Class A2

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class C

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class E

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Nations Equipment Finance Funding I, LLC - Equipment Contract Backed Notes, Series 2013-1

Class A

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Rental Car Finance Corp.

Series 2011-1, Class A

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-1, Class B

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

United Auto Credit Securitization Trust 2012-1

Series 2012-1, Class C

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class B

Date Issued:Dec 1, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

United Auto Credit Securitization Trust 2013-1

Class B

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Dec 1, 2014
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Class E

Date Issued:Dec 1, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A-2

Date Issued:Dec 1, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
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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