DBRS Confirms Rating on GMF Leasing Warehouse Trust 2016-B

DBRS, Inc. (DBRS) confirmed the rating of AA (sf) on the Floating Rate Asset Backed Notes (the Notes) issued by GMF Leasing Warehouse Trust 2016-B (the Issuer).

The confirmation is based on a slight decrease in the facility size and an extension of the commitment termination date. The rating is based on the following considerations:

-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- Quality and experience of the Issuer’s management team.
-- The transaction parties’ capabilities with regard to originations, underwriting and servicing and the financial strength of General Motors Financial Company, Inc. (GMF; rated BBB (high) with a Stable trend by DBRS).
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested.
-- The credit quality of the collateral.
-- The legal structure and presence of legal opinions that address the true sale of the Notes to the Issuer, the non-consolidation of the special-purpose vehicle with GMF, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

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

The principal methodology is Rating U.S. Auto Lease Securitizations, 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 did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on May 24, 2018.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Christopher O’Connell, Senior Vice President, U.S. ABS – Global Structured Finance
Rating Committee Chair: Christopher D’Onofrio, Managing Director, U.S. ABS – Global Structured Finance
Initial Rating Date: June 1, 2016

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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