DBRS Confirms and Withdraws Ratings on OnDeck Account Receivables Trust 2013-1 LLC

DBRS, Inc. (DBRS) confirmed and withdrew the ratings of the Class A Revolving Loan Note and Class B Revolving Loan Note (collectively, the Notes), respectively, issued by the OnDeck Account Receivables Trust 2013-1 LLC (the Issuer) asset-backed security transaction. The performance trends of the Notes are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their current rating levels. The ratings of the Notes were withdrawn at the request of the Issuer as a result of a refinancing of the facility.

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

-- Transaction capital structure, current 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:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

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.

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

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