Press Release

DBRS Morningstar Confirms Ratings on 10 Series of Chesapeake Funding II LLC

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March 13, 2020

DBRS, Inc. (DBRS Morningstar) confirmed the ratings of 42 securities issued by 10 series of the Chesapeake Funding II LLC asset-backed security (ABS) transaction. The performance trends of the confirmed securities are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The series reviewed include the following:

-- Chesapeake Funding II LLC, Series 2015-1
-- Chesapeake Funding II LLC, Series 2017-1
-- Chesapeake Funding II LLC, Series 2017-2
-- Chesapeake Funding II LLC, Series 2017-3
-- Chesapeake Funding II LLC, Series 2017-4
-- Chesapeake Funding II LLC, Series 2018-1
-- Chesapeake Funding II LLC, Series 2018-2
-- Chesapeake Funding II LLC, Series 2018-3
-- Chesapeake Funding II LLC, Series 2019-1
-- Chesapeake Funding II LLC, Series 2019-2

The ratings are based on DBRS Morningstar’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 DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: <a href="https://www.dbrsmorningstar.com/research/357883/" target="_blank">DBRS Morningstar Provides Update on Rating Methodologies in Light of Measures to Contain Coronavirus Disease (COVID-19)</a>.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had 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.

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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