Pawnee Equipment Receivables (Series 2020-1) LLC: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the asset-backed notes (collectively, the Notes) to be issued by Pawnee Equipment Receivables (Series 2020-1) LLC. This transaction is the second publicly rated term asset-backed securitization (ABS) sponsored by Pawnee Leasing Corporation (Pawnee or the Company). The Notes are expected to be offered with a fixed rate of interest. Pawnee is the Originator, except for approximately 0.53% of the Aggregate Discounted Contract Balance of the Statistical Asset Pool (which was originated by the Titling Trust) and will act as the Servicer of the equipment finance contracts in the collateral pool. Vervent will act as the Backup Servicer.