DBRS Assigns BBB (low) (sf) Rating to NL LP 2, 2018-A Class B Note

DBRS Limited (DBRS) assigned a rating of BBB (low) (sf) to the 2018-A Class B Note (the Note) issued by NL LP 2. The Note is supported by a portfolio of primarily monthly pay, fixed-rate lease and loan contracts that are secured by new, and some used, small and mid-ticket equipment. The rating was assigned at the request of the owner of the Note for regulatory purposes.

Notes:
The principal methodologies are Rating Canadian Equipment Finance Securitization Transactions, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which can be found on dbrs.com under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

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.

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