Chesapeake Funding II LLC, Series 2020-1: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the Chesapeake Funding II LLC, Series 2020-1 transaction (Series 2020-1 or the Transaction). Element Fleet Management Corp. (formerly known as Element Financial Corporation Element or the Company) has issued 27 term asset-backed securities (ABS) transactions since 1999. The Series 2020-1 represents the eleventh term ABS transaction issued by Chesapeake Funding II LLC, a master trust-like platform established in December 2015 in connection with Element’s acquisition of the U.S. fleet leasing and management services business of General Electric Capital Corporation (GECC). It also represents the ninth term ABS transaction issued by Chesapeake Funding II LLC since its merger with Chesapeake Funding LLC (Chesapeake I).