DBRS Confirms GMF Leasing Warehouse Trust 2016-B

DBRS, Inc. (DBRS) confirmed the following rating on GMF Leasing Warehouse Trust 2016-B:

-- Floating Rate Asset Backed Notes at AA (sf)

The rating confirmation is based on DBRS’s review of the following analytical considerations:

-- Transaction capital structure, current rating 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 as of April 2019.
-- The transaction is a securitization of auto leases. As of the April 2019 Distribution Date, the average Lease Portfolio Net Credit Loss Rate was 0.09%, the Residual Loss Ratio was 0.00% and the Lease Portfolio Net Residual Loss Ratio was 0.00%.

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

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 not 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.

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 23, 2019, when DBRS confirmed the rating on the Floating Rate Asset Backed Notes rated AA (sf).

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: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Chris 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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