DBRS Assigns Rating to GMF Leasing Warehouse Trust 2016-B

DBRS, Inc. (DBRS) has today assigned a rating of AA (sf) to the 2016-B Exchange Note issued by GMF Leasing Warehouse Trust 2016-B.

The rating is based on the following considerations:

-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- Quality and experience of Issuers’ management team.
-- The transaction parties’ capabilities with regard to originations, underwriting and servicing and financial strength of General Motors Financial Company Inc. (GMF).
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested.
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that will address the true sale of the Notes to the Issuer, the non-consolidation of the special-purpose vehicle with GMF, 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.

TRANSACTION DESCRIPTION
The Note has been issued pursuant to a warehouse facility which is collateralized by a revolving pool of auto lease receivables.

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

The rating was not initiated at the request of the rated entity.

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

The applicable methodologies are Rating U.S. Auto Lease Securitizations (October 2014) and Derivative Criteria for European Structured Finance Transactions (February 2016), which can be found on our website under Methodologies.