DBRS Confirms Ratings on LEAF Capital Funding SPE A, LLC Series 2014-A

DBRS, Inc. (DBRS) has today confirmed the ratings on the following Series 2014-A Notes issued by LEAF Capital Funding SPE A, LLC Series 2014-A (the Issuer):

-- Class A Notes, issued in an amount of up to $127,207,000, at AAA (sf)
-- Class B Notes, issued in an amount of up to $7,137,000, at AA (sf)
-- Class C Notes, issued in an amount of up to $7,446,000, at A (sf)
-- Class D Notes, issued in an amount of up to $4,753,000, at BBB (sf)
-- Class E Notes, issued in an amount of up to $2,228,000, at BBB (low) (sf)

The DBRS ratings are based on a review 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 that 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.

The assets securing the LEAF Capital Funding SPE A, LLC Series 2014-A Notes consist of a revolving pool of diversified equipment loans and leases. The committed revolving period of the facility expires in December 2026. Guggenheim Securities, LLC serves as Lender and Administrative Agent.

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

The principal methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on dbrs.com 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.