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

DBRS, Inc. (DBRS) has conducted a review of six publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the ten publicly rated securities reviewed, five were confirmed, four were upgraded and one was discontinued due to repayment of the notes in full.

For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the classes that were upgraded, asset performance has exceeded original expectations and credit enhancement is sufficient to cover DBRS’s expected losses at its new rating level.

The following public transactions were reviewed:

-- Hertz Vehicle Financing II LP, Series 2013-B
-- United Auto Credit Securitization Trust 2013-1
-- BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1
-- GE Asset Based Master Note LLC, Series 2014-2
-- Magnum Films SPC
-- Miramax, LLC Series 2014-1

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, which can be found on our website under Methodologies.