NATF America LLC: Rating Report

On March 11, 2020, DBRS, Inc. (DBRS Morningstar) assigned AA (sf) ratings to the Series 1 Notes and Series 2 Notes issued by NATF America LLC (the Issuer). In addition, on April 9, 2020, DBRS assigned an AA (sf) rating to the Series 3 Notes (together, with the Series 1 and 2 Notes, the Notes) of the Issuer.