DBRS Assigns Rating to Purchasing Power Funding 2017-A, LLC

DBRS, Inc. (DBRS) assigned a rating of A (sf) to up to $200,000,000 of Class A Loans issued by Purchasing Power Funding 2017-A, LLC (the Borrower). The collateral supporting the transaction represents retail installment sales contracts provided to employees of organizations offering an employee benefit program through Purchasing Power, LLC.

The rating action is based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure and form and sufficiency of available credit enhancement.
-- Historical performance data on the credit quality of collateral.
-- The presence of performance-based triggers to further credit support of the Class A Loans upon breach.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.
-- The transaction parties’ capabilities with respect to originations, underwriting, servicing and financial strength.
-- The transaction achieves perfection of contracts through filing as general intangible through UCC Filing.
-- The legal structure and presence of legal opinions addressing the assignment of collateral assets to the Borrower and consistency with DBRS’s Legal Criteria for U.S. Structured Finance.

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

The principal methodology is Rating U.S. Structured Finance Transactions, including the appendix related to rating U.S Consumer Loan ABS Transactions, 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.

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