DBRS Confirms Rating of Liquidity Agreement Supporting Pool Number 287 within Old Line Funding

DBRS, Inc. (DBRS) confirmed the rating of Amendment No. 1 to the Liquidity Asset Purchase Agreement (LAPA) dated as of February 16, 2016, by and among Old Line Funding, LLC, a Delaware limited liability company, as Issuer, and Royal Bank of Canada as Purchaser, Liquidity Agent and Agent. The ratings of the LAPA will support Old Line Funding, LLC.

-- Old Line Funding LLC – Liquidity Agreement Supporting Pool Number 287: AAA (sf)

The rating assumes that the LAPA has been invoked, and as such, the Purchaser is the investor of the notes secured by a revolving pool of automobile lease receivables. These receivables are generated by a nationally recognized finance company and their subsidiaries (the Company).

The ratings address the timely payment of interest and the ultimate payment of principal.

Consistent with the DBRS “Rating U.S. Wholesale Securitizations” methodology and as part of the operational risk review of an originator and servicer, DBRS typically performs an on-site visit or has a call with the originator and servicer. For this transaction, DBRS was asked to provide the rating by a Committed Purchaser, Royal Bank of Canada, not the servicer or any affiliate. This resulted in no access to the Company; consequently, no on-site review was conducted by DBRS. DBRS deems the operational capacity of the Company to be acceptable, with potential risks related to not conducting an on-site review mitigated by a number of factors, including the following:

(1) The Company is rated BBB/R-2 (middle) with Stable trends by DBRS.

(2) The Company has sponsored and serviced numerous securitizations of auto loans, auto leases and wholesale dealer floorplans supported by its own originated collateral. DBRS deems the Company to be an experienced originator and servicer, which is demonstrated by strong performance on its outstanding transactions.

Notes:
The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and Rating U.S. Auto Lease Securitizations, which can be found on dbrs.com under Methodologies.

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