DBRS Discontinues Ratings of Chesapeake Funding LLC

DBRS, Inc. (DBRS) has today discontinued its ratings of the following notes (the Notes) issued by Chesapeake Funding LLC (the Issuer) due to repayment:

Chesapeake Funding LLC, Series 2013-1
-- Class A Notes: previously rated AAA (sf), now Discontinued-Repaid
-- Class B Notes: previously rated AA (sf), now Discontinued-Repaid
-- Class C Notes: previously rated A (sf), now Discontinued-Repaid
-- Class D Notes: previously rated BBB (sf), now Discontinued-Repaid

Chesapeake Funding LLC, Series 2014-1
-- Class A Notes: previously rated AAA (sf), now Discontinued-Repaid
-- Class B Notes: previously rated AA (sf), now Discontinued-Repaid
-- Class C Notes: previously rated A (sf), now Discontinued-Repaid
-- Class D Notes: previously rated BBB (sf), now Discontinued-Repaid

Chesapeake Funding LLC, Series 2015-1
-- Class A Notes: previously rated AAA (sf), now Discontinued-Repaid
-- Class B Notes: previously rated AA (sf), now Discontinued-Repaid
-- Class C Notes: previously rated A (sf), now Discontinued-Repaid
-- Class D Notes: previously rated BBB (sf), now Discontinued-Repaid

The discontinuations coincide with the combination of Element Fleet Management Corp.’s two outstanding securitization programs: Chesapeake Funding II LLC and Chesapeake Funding LLC. Chesapeake Funding LLC is the securitization program that funded the fleet lease portfolio of PHH Corporation (acquired by Element in 2014). Chesapeake Funding II LLC is the securitization program that funds the fleet lease portfolio of GE Capital (acquired by Element in 2015). The combined collateral will remain subject to the current concentration limitations in place in the Chesapeake Funding II LLC securitization program. For further details, see DBRS press release entitled “DBRS Confirms and Assigns New Rating to Chesapeake Funding II LLC.”

Notes:
The principal methodology is Rating U.S. Auto Fleet Lease 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.

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