DBRS Confirms AAA (sf) Rating on Element Fleet Lease Receivables L.P. Series 2014-1 Floating Rate Asset Backed Variable Funding Investor Notes, Class A

DBRS Limited (DBRS) confirmed the following rating on the Series 2014-1 Floating Rate Asset Backed Variable Funding Investor Notes, Class A (the Notes) issued by Element Fleet Lease Receivables L.P.:

-- Series 2014-1 Floating Rate Asset Backed Variable Funding Investor Notes, Class A at AAA (sf)

The Notes are backed by a portfolio of auto fleet lease receivables.

The rating was assigned at the request of the note purchasers for regulatory purposes.

Notes:
The principal methodologies are Rating Canadian Auto Fleet Lease Transaction, Legal Criteria for Canadian Structured Finance, Master Canadian Structured Finance Surveillance and Derivatives Criteria for Canadian Structured Finance, which can be found on our website 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.