DBRS Upgrades GM Financial Automobile Leasing Trust 2017-PP3

DBRS, Inc. (DBRS) upgraded the rating of the 2017-PP3 Note issued by GM Financial Automobile Leasing Trust 2017-PP3, a U.S. asset-backed transaction, to AA (high) (sf) from AA (sf). Performance for the security is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at its new rating level.

The rating is based on DBRS’s review of the following analytical considerations:

-- Amendments made to the transaction.
-- Transaction capital structure, the rating 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:
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. 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.

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