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

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

-- September 28, 2017, Investment confirmed at AAA (sf)
-- December 18, 2017, Investment confirmed at AAA (sf)
-- March 28, 2018, Investment upgraded to AAA (sf)
-- June 28, 2018, Investment upgraded to AA (sf)
-- September 21, 2018, Investment confirmed at A (sf)

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

-- 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.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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