DBRS Confirms Ratings on LEAF Capital Funding SPE B, LLC Class A and Class B Notes

DBRS, Inc. (DBRS) has today taken the following rating actions for the notes set forth below issued by LEAF Capital Funding SPE B, LLC. This rating confirmation is based on the review by DBRS of the Omnibus Amendment No. 7, dated May 13, 2016, to the Purchase and Contribution Agreement and Loan and Security Agreement, dated as of September 21, 2012:

-- Confirmed the A (high) (sf) rating on the Class A Notes issued in an amount of up to $196,794,871.83
-- Confirmed the BBB (sf) rating on the Class B Notes issued in an amount of up to $13,479,100.67

The assets securing the LEAF Capital Funding SPE B, LLC notes are a revolving pool of diversified equipment loans and leases. Credit Suisse AG, New York Branch serves as Lender and Administrative Agent. The respective amounts are shown as of this date following a temporary increase in the Lenders’ commitments.

The DBRS provisional ratings are based on a review of DBRS of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay according to the terms under which they have invested.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the 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.

DBRS’s rating definitions and the terms of use of such ratings are available at www.dbrs.com.