DBRS Assigns Rating to GM Financial Automobile Leasing Trust 2017-PP3

DBRS, Inc. (DBRS) has today assigned a rating of AA (sf) to the 2017-PP3 Note issued by GM Financial Automobile Leasing Trust 2017-PP3.

The ratings are based on a review by DBRS of the following analytical considerations:

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement. The transaction benefits from credit enhancement in the form of overcollateralization, amounts held in the reserve fund and excess spread. Credit enhancement levels are sufficient to support DBRS-projected expected cumulative net loss assumptions and residual value loss assumptions under various stress scenarios.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The transaction parties’ capabilities with regard to originations, underwriting and servicing and the financial strength of General Motors Financial Company, Inc. (GMF).
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that address the true sale of the Note to the Issuer, the non-consolidation of the special-purpose vehicle with GMF, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS methodology, “Legal Criteria for U.S. Structured Finance.”

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

The principal methodologies are Rating U.S. Auto Lease Securitizations (June 2015) and Derivative Criteria for European Structured Finance Transactions (October 2016) which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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.