DBRS Upgrades, Confirms Ratings on AT&T Receivables Funding, LLC

DBRS, Inc. (DBRS) upgraded the ratings of three securities and confirmed the rating of one security issued by the AT&T Receivables Funding, LLC (ABS) trust. Performance of the upgraded securities is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their new respective rating levels. Performance of the confirmed security is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at its current rating level.

The following transactions were reviewed:

-- AT&T Receivables Funding, LLC September 28, 2017, Investment
-- AT&T Receivables Funding, LLC December 18, 2017, Investment
-- AT&T Receivables Funding, LLC March 28, 2018, Investment
-- AT&T Receivables Funding, LLC June 28, 2018, Investment

The ratings are based on DBRS’s review of the following analytical considerations:

-- Amendments made to the transaction.
-- Transaction capital structure, proposed 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.

On December 20, 2018 this press release was amended to correct the rating of the AT&T Receivables Funding, LLC, September 28, 2017, Investment to AAA (sf).

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.

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