At just shy of $3.5 billion, volume in equipment ABS is notably behind where it was at this time last year. Recent events, including the DVI Inc. debacle and the acquisition of several programmatic issuers, could put downward pressure on issuance for the year.

The revelations at DVI have left much of the market feeling skittish about the equipment sector. "There are concerns that it may not be cost-beneficial," said a source at a rating agency. "Meeting the enhancement levels and other requirements to get to a triple-A is going to be challenging."

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