DBRS Takes Rating Action on CAN Capital Funding LLC Series 2014-1

DBRS, Inc. (DBRS) downgraded its rating on the Series 2014-1 Notes, Class B (the Notes) issued by CAN Capital Funding LLC Series 2014-1 to C (sf) from CC (sf) as credit enhancement (CE) was not sufficient to absorb DBRS-expected losses at the CC (sf) rating level. DBRS deems the new rating of C (sf) to reflect DBRS’s expectations.

As of the July 2018 Monthly Servicing Statement, the outstanding principal balance of Class B Notes was $10,168,791. The Ending Eligible Aggregate Unamortized Funded Amount of the transaction as of the July 2018 Monthly Servicing Statement was $172,614. As such, the Notes currently do not benefit from CE in the form of overcollateralization. The Reserve Account balance is $0.

The ratings are based on DBRS’s review of the following analytical considerations:

-- Amendments made to the transaction.
-- 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 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 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 attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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