Pawnee Equipment Receivables (Series 2021-1) LLC: Rating Report

DBRS, Inc. (DBRS Morningstar) finalizes its provisional ratings on the following classes of notes (the Notes) issued by Pawnee Equipment Receivables (Series 2021-1) LLC (the Issuer):

-- $86,260,000 Class A-1 Notes at R-1 (high) (sf)
-- $198,740,000 Class A Notes at AAA (sf)
-- $28,310,000 Class B Notes at AA (sf)
-- $13,300,000 Class C Notes at A (sf)
-- $15,200,000 Class D Notes at BBB (sf)
-- $14,253,000 Class E Notes at BB (low) (sf)