DBRS Upgrades One and Confirms Five Classes of AT&T Receivables Funding, LLC

DBRS, Inc. (DBRS) upgraded one rating and confirmed five ratings on six classes of securities issued by AT&T Receivables Funding, LLC, an asset-backed security trust. Performance trends of the one class of securities upgraded are such that credit enhancement levels are sufficient to cover DBRS loss expectations at the new rating level. Performance trends of the classes of securities confirmed are such that credit enhancement levels are sufficient to cover DBRS loss expectations at their current respective rating levels.

The series reviewed include
-- September 28, 2017, Investment
-- December 18, 2017, Investment
-- March 28, 2018, Investment
-- June 28, 2018, Investment
-- September 21, 2018, Investment
-- December 18, 2018, Investment

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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