DBRS announced today that its assigned ratings to LEAF Commercial Capital’s only equipment lease securitization issued in 2014.
The deal, LEAF Capital Funding Series 2014-A, consists of $191 million of securities backed by a revolving pool of diversified equipment loans and leases. The facility expires on December 2017.
Guggenheim Securities serves as lender and administrative agent.
DBRS assigned ratings of AAA’ to $164 million of class A notes; AA’ ratings to the class B notes and A’ ratings to $9.6 million of class C notes. The ratings agency assigned BBB’ ratings to the class D and E notes that issued a combined $9 million of notes.
DBRS did not publish a presale report on the deal and did not indicated what the credit enhancement requirements were on the notes.
The last deal to be completed by the issuer was in September 2013. Through LEAF 2013-1, LEAF issued approximately $325 million of AAA’ rated securities, backed by commercial equipment leases and loans.
The notes were wrapped with a financial guaranty insurance policy issued by Assured Guaranty Corp. LEAF noted in a press release that the wrap allowed it to offer a bigger tranche of triple-A rated notes than its previous offerings.
LEAF, headquartered in Philadelphia, PA, serves equipment vendors in the small- to-mid-ticket equipment finance marketplace, specializing in information technology, telecommunications, office automation, light industrial, healthcare, and other business-essential assets.