DBRS Confirms GM Financial Automobile Leasing Trust 2016-PP5

DBRS, Inc. (DBRS) confirmed the GM Financial Automobile Leasing Trust 2016-PP5 U.S. ABS structured finance transaction. Performance trends relating to the confirmed securities were such that credit enhancement levels were sufficient to cover DBRS’s expected losses at their 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.
-- The 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.

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