DBRS Confirms Ratings on LEAF Receivables Funding 10, LLC and LEAF Receivables Funding 11, LLC

DBRS, Inc. (DBRS) has today confirmed 15 ratings from two U.S. structured finance asset-backed securities transactions: LEAF Receivables Funding 10, LLC - Equipment Contract Backed Notes, Series 2015-1 and LEAF Receivables Funding 11, LLC - Equipment Contract Backed Notes, Series 2016-1. Of the 15 outstanding publicly rated classes reviewed, nine were confirmed and six were upgraded. For the confirmed ratings, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at the classes’ current respective rating levels. For the upgraded ratings, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at the classes’ 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.
-- Credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, 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.

Please see the attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.