Press Release

DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions

Auto, Other, Equipment

March 12, 2015

DBRS, Inc. (DBRS) has today conducted a review of 14 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 57 classes reviewed, 46 were confirmed, seven were upgraded and four 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:

California Republic Auto Receivables Trust 2012-1
California Republic Auto Receivables Trust 2013-1
California Republic Auto Receivables Trust 2013-2
California Republic Auto Receivables Trust 2014-3
Navitas Equipment Receivables LLC 2013-1
Prestige Auto Receivables Trust 2012-1
Prestige Auto Receivables Trust 2013-1
Prestige Auto Receivables Trust 2014-1
Westgate Resorts 2013-1 LLC
Westgate Resorts 2014-1 LLC
First Investors Auto Owner Trust 2012-1
Ascentium Equipment Receivables 2014-1 LLC
Ascentium Equipment Receivables 2012-1 LLC
Axis Equipment Finance Receivables II, LLC

Notes:
The applicable methodology is the 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

Ascentium Equipment Receivables 2012-1 LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A	AAA (sf)	--	Confirmed	US E
12-Mar-15	Class B	AAA (sf)	--	Confirmed	US E
12-Mar-15	Class C	AAA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A-1	Discontinued	--	Disc.-Repaid	US
12-Mar-15	Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Class B	AAA (sf)	--	Confirmed	US
12-Mar-15	Class C	A (sf)	--	Confirmed	US
12-Mar-15	Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class A	AAA (sf)	--	Confirmed	US
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class B	AA (sf)	--	Confirmed	US
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class C	A (sf)	--	Confirmed	US
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class D	BBB (sf)	--	Confirmed	US
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class E	BB (sf)	--	Confirmed	US
12-Mar-15	Equipment Contract Backed Notes, Series 2013-1, Class F	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A	AAA (sf)	--	Confirmed	US
12-Mar-15	Class B	AAA (sf)	--	Confirmed	US
12-Mar-15	Class C	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Class B	AAA (sf)	--	Upgraded	US
12-Mar-15	Class C	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Series 2013-2 Notes, Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2013-2 Notes, Class B	A (sf)	--	Confirmed	US
12-Mar-15	Series 2013-2 Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Series 2014-3 Notes, Class A-1	R-1 (high) (sf)	--	Confirmed	US
12-Mar-15	Series 2014-3 Notes, Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2014-3 Notes, Class A-3	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2014-3 Notes, Class A-4	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2014-3 Notes, Class B	A (sf)	--	Confirmed	US
12-Mar-15	Series 2014-3 Notes, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Series 2012-1, Class B	AAA (sf)	--	Confirmed	US E
12-Mar-15	Series 2012-1, Class C	AAA (sf)	--	Upgraded	US E
12-Mar-15	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E
12-Mar-15	Series 2012-1, Class E	BB (sf)	--	Confirmed	US E
12-Mar-15	Series 2012-1, Class A2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Equipment Receivable Backed Notes, Class A	AAA (sf)	--	Upgraded	US
12-Mar-15	Equipment Receivable Backed Notes, Class B	AA (sf)	--	Upgraded	US
12-Mar-15	Equipment Receivable Backed Notes, Class C	A (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A-3	AAA (sf)	--	Confirmed	US
12-Mar-15	Class B	AAA (sf)	--	Upgraded	US
12-Mar-15	Class C	A (sf)	--	Confirmed	US
12-Mar-15	Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Class A-3	AAA (sf)	--	Confirmed	US
12-Mar-15	Class B	AA (high) (sf)	--	Confirmed	US
12-Mar-15	Class C	A (high) (sf)	--	Confirmed	US
12-Mar-15	Class D	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Series 2014-1 Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
12-Mar-15	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2014-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
12-Mar-15	Series 2014-1 Notes, Class B	AA (high) (sf)	--	Confirmed	US
12-Mar-15	Series 2014-1 Notes, Class C	A (high) (sf)	--	Confirmed	US
12-Mar-15	Series 2014-1 Notes, Class D	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Class A	A (sf)	--	Confirmed	US
12-Mar-15	Class B	BBB (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
12-Mar-15	Timeshare Collateralized Notes, Series 2014-1, Class A	A (sf)	--	Confirmed	US
12-Mar-15	Timeshare Collateralized Notes, Series 2014-1, Class B	BBB (sf)	--	Confirmed	US
12-Mar-15	Timeshare Collateralized Notes, Series 2014-1, Class C	BB (sf)	--	Confirmed	US

Ascentium Equipment Receivables 2012-1 LLC

Class A

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Ascentium Equipment Receivables 2014-1 LLC

Class A-1

Date Issued:Mar 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Axis Equipment Finance Receivables II, LLC

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

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

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2012-1

Class A

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2013-1

Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2013-2

Series 2013-2 Notes, Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2014-3

Series 2014-3 Notes, Class A-1

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3 Notes, Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3 Notes, Class A-3

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3 Notes, Class A-4

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3 Notes, Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3 Notes, Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2012-1

Series 2012-1, Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class C

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class E

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class A2

Date Issued:Mar 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Navitas Equipment Receivables LLC 2013-1

Equipment Receivable Backed Notes, Class A

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Receivable Backed Notes, Class B

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Receivable Backed Notes, Class C

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2012-1

Class A-3

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2013-1

Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2014-1

Series 2014-1 Notes, Class A-1

Date Issued:Mar 12, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-3

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class D

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Westgate Resorts 2013-1 LLC

Class A

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 12, 2015
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Westgate Resorts 2014-1 LLC

Timeshare Collateralized Notes, Series 2014-1, Class A

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Collateralized Notes, Series 2014-1, Class B

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Collateralized Notes, Series 2014-1, Class C

Date Issued:Mar 12, 2015
Rating Action:Confirmed
Ratings:BB (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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