DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) confirmed seven of the outstanding ratings of LEAF Receivables Funding 12, LLC – Equipment Contract Backed Notes, Series 2017-1. The confirmation is the result of credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels. Additionally, two of the outstanding ratings were discontinued due to repayment.

The DBRS 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.
-- Credit quality of the collateral pool and the historical performance of the LEAF Commercial Capital, Inc. portfolio.

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

The principal methodology is the 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.

Please see attached 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.