DBRS Upgrades, Confirms Ratings of OnDeck Asset Securitization Trust LLC 2014-1

DBRS, Inc. (DBRS) conducted a review of the OnDeck Asset Securitization Trust LLC 2014-1 small business loan transaction and has today upgraded the rating on the Series 2014-Notes, Class A tranche to A (low) (sf) from BBB (sf). The Series 2014-Notes, Class B tranche was confirmed at its current rating of BB (sf).

For the Class A securities, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at the new rating level. For the Class B securities, credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

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