DBRS Confirms AT&T Receivables Funding, LLC June 26, 2015, Investment at A (sf)

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

The following public transactions were confirmed:
-- AT&T Receivables Funding, LLC, June 26, 2015, Investment at A (sf)

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 of the outstanding rating of AT&T Receivables Funding, LLC’s June 26 2015, Investment reflects the 34.07% of current credit enhancement provided by overcollateralization. As of the May 2016 payment date, the cumulative net loss ratio was 1.56% of the original collateral balance.

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

The applicable methodology is 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.