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

DBRS, Inc. (DBRS) has conducted a review of 22 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 99 securities reviewed, 92 were confirmed, four were upgraded and three 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’s expected losses at their current respective rating levels. For the securities that were upgraded, 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:

-- Brazos Higher Education Authority, Inc. 2004A Trust
-- Bush Leasing Trust 2011-A, LLC
-- Exeter Automobile Receivables Trust 2015-2
-- First Investors Auto Owner Trust 2014-3
-- Foursight Capital Automobile Receivables Trust 2015-1
-- GCO Education Loan Funding Master Trust-II, Series 2006-2
-- GCO Education Loan Funding Master Trust-II, Series 2007-1
-- Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-1
-- Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-2
-- Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1
-- Global SC Finance SRL
-- GO Financial Auto Securitization Trust 2015-1
-- Goal Capital Funding Trust 2007-1
-- HFG Healthco-4 LLC, Healthcare Receivables-Backed Notes, Series 2011-1
-- LEAF Receivables Funding 10, LLC - Equipment Contract Backed Notes, Series 2015-1
-- Nations Equipment Finance Funding II, LLC
-- Navient Student Loan Trust 2014-8
-- Nelnet Student Loan Trust 2012-4
-- SLC Private Student Loan Trust 2010-B
-- SoFi Professional Loan Program 2013-A LLC
-- SoFi Professional Loan Program 2014-A LLC
-- Synchrony Credit Card Master Note Trust, Series 2015-VFN 1

Notes:
The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.