DBRS Takes Rating Actions on Navitas Equipment Receivables LLC 2013-1 and 2015-1

DBRS, Inc. (DBRS) has today reviewed seven ratings from two U.S. structured finance asset-backed securities transactions: Navitas Equipment Receivables LLC 2013-1 and Navitas Equipment Receivables LLC 2015-1 LLC. Of the seven outstanding publicly rated classes reviewed, two were confirmed, four were upgraded and one was discontinued due to full repayment. For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the ratings that were upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

The 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.
-- The credit quality of the collateral pool and historical performance.

The confirmation of the outstanding ratings of Navitas Equipment Receivables LLC 2013-1 reflects the current credit enhancement levels provided by subordination, the Reserve Account and overcollateralization. As of the August 2016 payment date, the cumulative net loss ratio was 1.86% of the original collateral balance.

The upgrades to the outstanding ratings of Navitas Equipment Receivables LLC 2015-1 LLC reflects the current credit enhancement levels provided by subordination, the Reserve Account and overcollateralization. As of the August 2016 payment date, the cumulative net loss ratio was 0.99% 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.