DBRS Upgrades GM Financial Automobile Leasing Trust 2016-PP5

DBRS, Inc. (DBRS) upgraded the rating on the 2016-PP5 Exchange Note issued by GM Financial Automobile Leasing Trust 2016-PP5 to AA (sf) from A (sf). Performance trends relating to the upgraded security were such that credit enhancement levels are sufficient to cover DBRS’s expected losses at its new rating level.

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:
All figures are in U.S. dollars unless otherwise noted.

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 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.

Please see the related appendix for additional information regarding sensitivity of assumptions used in the rating process.

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