DBRS Assigns Ratings to the Obligations of Securitized Equipment Receivables Trust 2016-1

DBRS, Inc. (DBRS) has today assigned the following ratings to the asset backed notes issued by Securitized Equipment Receivables Trust 2016-1 (the Issuer):

-- Asset Backed Notes, Class A rated A (sf)
-- Asset Backed Notes, Class B rated BBB (sf)

The assets securing the obligations of the Issuer include a certificated interest in a special-purpose vehicle that owns a pool of equipment lease contracts and related collateral, which is pledged in support of certain senior debt obligations. The rating is based on the following analytical considerations:
-- Sufficiency of the available credit enhancement to withstand cash flow modeling stresses commensurate with the respective rating level.
-- Track record and experience of the originator and servicer and its management team.
-- Characteristics of the underlying collateral pool and its performance to date.
-- Structural provisions available in the transaction.
-- Legal structure and related opinions, which are consistent with the DBRS Legal Criteria for U.S. Structured Finance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on our website under Methodologies.

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