Press Release

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

Auto, Equipment, Student Loans

January 22, 2016

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 49 securities reviewed, DBRS has today confirmed 29, upgraded 12 and discontinued eight securities due to repayment 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 upgraded securities, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

The following public transactions were reviewed:

-- LEAF Receivables Funding 8, LLC - Equipment Contract Backed Notes, Series 2012-1
-- AmeriCredit Automobile Receivables Trust 2013-1
-- LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1
-- Direct Capital Funding V, LLC, Series 2013-2
-- AmeriCredit Automobile Receivables Trust 2013-5
-- AmeriCredit Automobile Receivables Trust 2014-1
-- Navient Private Education Loan Trust 2015-A
-- AmeriCredit Automobile Receivables Trust 2015-1

Please see the attached appendix for additional information regarding the assumptions used in the rating process and related performance that could impact rating sensitivity.

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

AmeriCredit Automobile Receivables Trust 2013-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Series 2013-1, Class B	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2013-1, Class C	AAA (sf)	--	Upgraded	US
22-Jan-16	Series 2013-1, Class D	AA (low) (sf)	--	Upgraded	US
22-Jan-16	Series 2013-1, Class E	BBB (sf)	--	Confirmed	US
22-Jan-16	Series 2013-1, Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Series 2013-5, Class A-3	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2013-5, Class B	AAA (sf)	--	Upgraded	US
22-Jan-16	Series 2013-5, Class C	AA (sf)	--	Upgraded	US
22-Jan-16	Series 2013-5, Class D	A (sf)	--	Upgraded	US
22-Jan-16	Series 2013-5, Class E	BB (high) (sf)	--	Confirmed	US
22-Jan-16	Series 2013-5, Class A-2A	Discontinued	--	Disc.-Repaid	US
22-Jan-16	Series 2013-5, Class A-2B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Series 2014-1, Class A-3	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2014-1, Class B	AAA (sf)	--	Upgraded	US
22-Jan-16	Series 2014-1, Class C	AA (sf)	--	Upgraded	US
22-Jan-16	Series 2014-1, Class D	A (sf)	--	Upgraded	US
22-Jan-16	Series 2014-1, Class E	BB (high) (sf)	--	Confirmed	US
22-Jan-16	Series 2014-1, Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Series 2015-1, Class A-1	Discontinued	--	Disc.-Repaid	US
22-Jan-16	Series 2015-1, Class A-2A	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class A-2B	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class A-3	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class B	AA (high) (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class C	A (high) (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class D	BBB (high) (sf)	--	Confirmed	US
22-Jan-16	Series 2015-1, Class E	BB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Equipment Contract Backed Notes, Series 2013-2, Class A-2	AAA (sf)	--	Confirmed	US
22-Jan-16	Equipment Contract Backed Notes, Series 2013-2, Class B	AA (high) (sf)	--	Upgraded	US
22-Jan-16	Equipment Contract Backed Notes, Series 2013-2, Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Series 2012-1, Class B	AAA (sf)	--	Confirmed	US
22-Jan-16	Series 2012-1, Class C	AAA (sf)	--	Upgraded	US
22-Jan-16	Series 2012-1, Class D	AA (sf)	--	Upgraded	US
22-Jan-16	Series 2012-1, Class E-1	A (high) (sf)	--	Upgraded	US
22-Jan-16	Series 2012-1, Class E-2	BBB (low) (sf)	--	Confirmed	US
22-Jan-16	Series 2012-1, Class A-3	Discontinued	--	Disc.-Repaid	US
22-Jan-16	Series 2012-1, Class A-4	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Class A-3	AAA (sf)	--	Confirmed	US
22-Jan-16	Class A-4	AAA (sf)	--	Confirmed	US
22-Jan-16	Class B	AA (sf)	--	Confirmed	US
22-Jan-16	Class C	A (sf)	--	Confirmed	US
22-Jan-16	Class D	BBB (high) (sf)	--	Confirmed	US
22-Jan-16	Class E-1	BBB (low) (sf)	--	Confirmed	US
22-Jan-16	Class E-2	BB (low) (sf)	--	Confirmed	US
22-Jan-16	Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
22-Jan-16	Class A-1	AAA (sf)	--	Confirmed	US
22-Jan-16	Class A-2A	AAA (sf)	--	Confirmed	US
22-Jan-16	Class A-2B	AAA (sf)	--	Confirmed	US
22-Jan-16	Class A-3	AAA (sf)	--	Confirmed	US
22-Jan-16	Class B	AA (low) (sf)	--	Confirmed	US

AmeriCredit Automobile Receivables Trust 2013-1

Series 2013-1, Class B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class C

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class D

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class E

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1, Class A-3

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

AmeriCredit Automobile Receivables Trust 2013-5

Series 2013-5, Class A-3

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class B

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class C

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class D

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class E

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class A-2A

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2013-5, Class A-2B

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

AmeriCredit Automobile Receivables Trust 2014-1

Series 2014-1, Class A-3

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class D

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class E

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class A-2

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

AmeriCredit Automobile Receivables Trust 2015-1

Series 2015-1, Class A-1

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class A-2A

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class A-2B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class A-3

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class C

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class D

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1, Class E

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Direct Capital Funding V, LLC, Series 2013-2

Equipment Contract Backed Notes, Series 2013-2, Class A-2

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-2, Class B

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Equipment Contract Backed Notes, Series 2013-2, Class C

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 8, LLC - Equipment Contract Backed Notes, Series 2012-1

Series 2012-1, Class B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class C

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class D

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class E-1

Date Issued:Jan 22, 2016
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class E-2

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-3

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class A-4

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

LEAF Receivables Funding 9, LLC - Equipment Contract Backed Notes, Series 2013-1

Class A-3

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-4

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class E-1

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class E-2

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jan 22, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Navient Private Education Loan Trust 2015-A

Class A-1

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2A

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jan 22, 2016
Rating Action:Confirmed
Ratings:AA (low) (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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