DBRS Morningstar Discontinues Credit Ratings on Merchants Fleet Funding LLC, Series 2022-3

DBRS, Inc. (DBRS Morningstar) discontinued the outstanding credit ratings on the following notes issued by Merchants Fleet Funding LLC, Series 2022-3 as a result of full repayment:

-- Series 2022-3, Class A Notes
-- Series 2022-3, Class B Notes
-- Series 2022-3, Class C Notes

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784 (July 4, 2023).

Notes:
The principal methodology applicable to the credit ratings is DBRS Morningstar Master U.S. ABS Surveillance (October 22, 2023; https://www.dbrsmorningstar.com/research/422279).

Other methodologies referenced in this transaction are listed at the end of this press release.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
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The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

Operational Risk Assessment for U.S. ABS Servicers (July 20, 2023) https://www.dbrsmorningstar.com/research/417415

Operational Risk Assessment for U.S. ABS Originators (July 20, 2023) https://www.dbrsmorningstar.com/research/417416

Interest Rate Stress for U.S. Structured Finance Transactions (June 9, 2023) https://www.dbrsmorningstar.com/research/415687

Legal Criteria for U.S. Structured Finance (December 7, 2022) https://www.dbrsmorningstar.com/research/407008

Rating U.S. Structured Finance Transactions (October 22 2023) https://www.dbrsmorningstar.com/research/422273

Rating U.S. Auto Fleet Lease Securitizations (September 25, 2023) https://www.dbrsmorningstar.com/research/421024

Rating U.S. Auto Lease Securitizations (November 2, 2022) https://www.dbrsmorningstar.com/research/404831

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].