DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with two outstanding publicly rated classes. The two publicly rated classes reviewed were confirmed, as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were reviewed:
-- First Avenue Funding, LLC
-- Second Avenue Funding, LLC

The DBRS 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 historical performance.

The confirmation on the outstanding rating for First Avenue Funding, LLC reflects the 15.50% of current credit enhancement provided by overcollateralization. As of the April 2016 payment date, the 90+ delinquency ratio was 0.84%. The cumulative net loss ratio was 0.026% of the original collateral balance.

The confirmation on the outstanding rating for Second Avenue Funding, LLC reflects the 15.50% of current credit enhancement provided by overcollateralization. As of the April 2016 payment date, the 90+ delinquency ratio was 0.69%. The cumulative net loss ratio was 0.030% of the original collateral balance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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