DBRS Confirms Rating on GMF Leasing Warehouse Trust 2016-B

DBRS, Inc. (DBRS) confirmed the rating of AA (sf) on the Floating Rate Asset Backed Notes (the Notes) issued by GMF Leasing Warehouse Trust 2016-B (the Issuer).

The confirmation is based on a slight decrease in the facility size and an extension of the commitment termination date. The rating is based on the following considerations:

-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- Quality and experience of the Issuer’s management team.
-- The transaction parties’ capabilities with regard to originations, underwriting and servicing and the financial strength of General Motors Financial Company, Inc. (GMF; rated BBB with a Positive trend by DBRS).
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested.
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that address the true sale of the Notes to the Issuer, the non-consolidation of the special-purpose vehicle with GMF, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

TRANSACTION DESCRIPTION
The Notes have been issued pursuant to a warehouse facility, which is collateralized by a revolving pool of auto lease receivables.

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

The principal methodologies are Rating U.S. Auto Lease Securitizations (November 2017) and Derivative Criteria for European Structured Finance Transactions (October 2017), 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 the attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.

The rating is endorsed by DBRS Ratings Limited for use in the European Union.

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