DBRS Assigns Provisional Ratings to LEAF Receivables Funding 11, LLC - Equipment Contract Backed Notes, Series 2016-1

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following classes issued by LEAF Receivables Funding 11, LLC – Equipment Contract Backed Notes, Series 2016-1:

-- Series 2016-1, Class A1 rated R-1 (high) (sf)
-- Series 2016-1, Class A2 rated AAA (sf)
-- Series 2016-1, Class A3 rated AAA (sf)
-- Series 2016-1, Class A4 rated AAA (sf)
-- Series 2016-1, Class B rated AAA (sf)
-- Series 2016-1, Class C rated AA (sf)
-- Series 2016-1, Class D rated A (sf)
-- Series 2016-1, Class E1 rated BBB (high) (sf)
-- Series 2016-1, Class E2 rated BB (high) (sf)

The DBRS provisional ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the LEAF Commercial Capital, Inc. portfolio.
-- The legal structure and legal opinions that address the true sale of the assets, the non-consolidation of the trust, and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

Please see the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

With regard to due diligence services, DBRS was provided with the Form ABS Due Diligence-15E (Form 15-E), which contains the description of the information that the third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While DBRS did not rely on the due diligence services outlined in Form 15-E, DBRS did use the Data File outlined in the Independent Accountant’s Report in its analysis to determine the ratings.

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