DBRS Confirms, Upgrades Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with two outstanding publicly rated classes. Of the two outstanding publicly rated classes reviewed, one was confirmed and one was upgraded. For the rating that was confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at its current rating level. For the rating that was upgraded, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at its new rating level.

The following public transactions were reviewed:
-- BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1
-- CIT Equipment Trust VFC Series CBK1

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 the historical performance of the portfolio.

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

The principal methodology is the 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 attached appendix for additional information regarding 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.