DBRS Confirms Rating of AT&T Receivables Funding, LLC’s December 20, 2016, Investment

DBRS, Inc. (DBRS) confirmed the rating of AT&T Receivables Funding, LLC’s December 20, 2016, Investment at A (sf). Performance trends on the security are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at the current rating level.

The rating is based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed rating 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.

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.