DBRS Places Purchasing Power Funding 2017-A, LLC and Purchasing Power Funding 2018-A, LLC Under Review with Developing Implications

DBRS, Inc. (DBRS) placed the five publicly rated securities issued by Purchasing Power Funding 2017-A, LLC (2017-A) and Purchasing Power Funding 2018-A, LLC (2018-A) (combined, the Transactions) Under Review with Developing Implications. This action follows the notification on June 25, 2018, by Purchasing Power, LLC (the Company) of certain historical inaccuracies relating to the reporting of Deemed Collections on certain of the Receivables due to Returned Merchandise, as well as certain other errors in reporting the balances of certain of the Receivables of the Transactions. The notification states that, as of June 22, 2018, notwithstanding the inaccuracies and errors, no Borrowing Base Deficit exists in 2017-A and the Overcollateralization Test is in compliance for 2018-A. Based on the notification, DBRS would anticipate that the inaccuracies and errors will not have a significant impact on the rated Transactions. Consequently, DBRS anticipates that the current ratings will likely be confirmed. DBRS will continue to monitor the situation as well as the performance of the Transactions.

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.

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.

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