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

DBRS, Inc. (DBRS) has today confirmed the ratings of the Class A and Class B Notes issued by LEAF Capital Funding SPE B, LLC as listed below. The rating confirmations are based on the review by DBRS of the Omnibus Amendment No. 9, dated December 2, 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 $150,000,000.00
­­-- Confirmed the BBB (sf) rating on the Class B Notes issued in an amount of up to $10,273,972.50

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 DBRS 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 investors 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.
­­-- Review of the legal structure and presence of legal opinions, which address the true sale of the assets, the non-consolidation of the trust, 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:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, 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.