Press Release

DBRS Confirms, Upgrades and Discontinues Ratings of US ABS Transactions

Auto, Other, Student Loans

January 29, 2016

DBRS, Inc. (DBRS) has today conducted a review of 15 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 53 securities reviewed, 40 were confirmed, nine were upgraded and four were discontinued due to repayment in full.

For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’ expected losses at their current respective rating levels. For the securities upgraded performance trends are such that credit enhancement levels are sufficient to cover DBRS’ expected losses at their new respective rating levels.

The following public transactions were reviewed:

-- BXG Receivables Note Trust 2015-A
-- SoFi Professional Loan Program 2015-A LLC
-- Ford Credit Floorplan Master Owner Trust A , Series 2014-1
-- Ford Credit Floorplan Master Owner Trust A , Series 2014-2
-- Ford Credit Floorplan Master Owner Trust A , Series 2014-4
-- California Republic Auto Receivables Trust 2014-1
-- California Republic Auto Receivables Trust 2014-2
-- United Auto Credit Securitization Trust 2014-1
-- Exeter Automobile Receivables Trust 2014-1
-- Exeter Automobile Receivables Trust 2014-2
-- Chesapeake Funding LLC, Series 2012-2
-- Chesapeake Funding LLC, Series 2013-1
-- Chesapeake Funding LLC, Series 2014-1
-- Chesapeake Funding LLC, Series 2015-1
-- Santander Consumer Receivables 9 LLC

Please see the attached appendix for additional information regarding the assumptions used in the rating process and related performance which 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

BXG Receivables Note Trust 2015-A

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Timeshare Loan-Backed Notes, Series 2015-A, Class A	A (sf)	--	Confirmed	US
29-Jan-16	Timeshare Loan-Backed Notes, Series 2015-A, Class B	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class A-4	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class B	AA (sf)	--	Upgraded	US
29-Jan-16	Series 2014-1 Notes, Class C	BBB (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-2 Notes, Class A-3	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2 Notes, Class A-4	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2 Notes, Class B	AA (sf)	--	Upgraded	US
29-Jan-16	Series 2014-2 Notes, Class C	BBB (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2 Notes, Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2012-2, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2012-2, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2012-2, Class C	A (sf)	--	Confirmed	US
29-Jan-16	Series 2012-2, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2013-1 Notes, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2013-1 Notes, Class C	A (sf)	--	Confirmed	US
29-Jan-16	Series 2013-1 Notes, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-1 Notes, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class C	A (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2015-1 Notes, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2015-1 Notes, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2015-1 Notes, Class C	A (sf)	--	Confirmed	US
29-Jan-16	Series 2015-1 Notes, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-1, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1, Class B	AAA (sf)	--	Upgraded	US
29-Jan-16	Series 2014-1, Class C	AA (sf)	--	Upgraded	US
29-Jan-16	Series 2014-1, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-2, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2, Class B	AA (high) (sf)	--	Upgraded	US
29-Jan-16	Series 2014-2, Class C	A (sf)	--	Upgraded	US
29-Jan-16	Series 2014-2, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Series 2014-4 Notes, Class A-2	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class A-1	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2 Notes, Class A	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-4 Notes, Class A-1	AAA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-1 Notes, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-2 Notes, Class B	AA (sf)	--	Confirmed	US
29-Jan-16	Series 2014-4 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Santander Consumer Receivables 9 LLC	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Jan-16	Post-Graduate Loan Asset-Backed Notes, Class A-1	AA (sf)	--	Confirmed	US
29-Jan-16	Post-Graduate Loan Asset-Backed Notes, Class A-2	AA (sf)	--	Confirmed	US

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

BXG Receivables Note Trust 2015-A

Timeshare Loan-Backed Notes, Series 2015-A, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Loan-Backed Notes, Series 2015-A, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2014-1

Series 2014-1 Notes, Class A-3

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-4

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Jan 29, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2014-2

Series 2014-2 Notes, Class A-3

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A-4

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A-2

Date Issued:Jan 29, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Chesapeake Funding LLC, Series 2012-2

Series 2012-2, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Chesapeake Funding LLC, Series 2013-1

Series 2013-1 Notes, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Chesapeake Funding LLC, Series 2014-1

Series 2014-1 Notes, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Chesapeake Funding LLC, Series 2015-1

Series 2015-1 Notes, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2014-1

Series 2014-1, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2014-2

Series 2014-2, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class B

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class C

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2, Class D

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Ford Credit Floorplan Master Owner Trust A

Series 2014-4 Notes, Class A-2

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-1

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class A

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-4 Notes, Class A-1

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-4 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Santander Consumer Receivables 9 LLC

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

SoFi Professional Loan Program 2015-A LLC

Post-Graduate Loan Asset-Backed Notes, Class A-1

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Post-Graduate Loan Asset-Backed Notes, Class A-2

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

United Auto Credit Securitization Trust 2014-1

Series 2014-1 Notes, Class A-1

Date Issued:Jan 29, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class D

Date Issued:Jan 29, 2016
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class E

Date Issued:Jan 29, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-2

Date Issued:Jan 29, 2016
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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