DBRS Morningstar Takes Rating Actions on Four Amur Equipment Finance Transactions

DBRS, Inc. (DBRS Morningstar) upgraded nine ratings and confirmed 14 ratings on the following classes of securities included in four Amur Equipment Finance transactions:

Amur Equipment Finance Receivables VIII LLC:
-- Series 2020-1, Class B Notes confirmed at AAA (sf)
-- Series 2020-1, Class C Notes upgraded to AAA (sf) from AA (sf)
-- Series 2020-1, Class D Notes upgraded to AA (sf) from A (sf)
-- Series 2020-1, Class E Notes upgraded to A (sf) from BBB (sf)
-- Series 2020-1, Class F Notes upgraded to BBB (sf) from BB (sf)

Amur Equipment Finance Receivables IX LLC:
-- Series 2021-1, Class A-2 Notes confirmed at AAA (sf)
-- Series 2021-1, Class B Notes upgraded to AAA (sf) from AA (high) (sf)
-- Series 2021-1, Class C Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Series 2021-1, Class D Notes upgraded to BBB (high) (sf) from BBB (sf)
-- Series 2021-1, Class E Notes upgraded to BB (high) (sf) from BB (sf)
-- Series 2021-1, Class F Notes confirmed at B (sf)

Amur Equipment Finance Receivables X LLC:
-- Series 2022-1, Class A-2 Notes confirmed at AAA (sf)
-- Series 2022-1, Class B Notes upgraded to AA (high) (sf) from AA (sf)
-- Series 2022-1, Class C Notes confirmed at A (sf)
-- Series 2022-1, Class D Notes confirmed at BBB (sf)
-- Series 2022-1, Class E Notes confirmed at BB (sf)
-- Series 2022-1, Class F Notes confirmed at B (sf)

Amur Equipment Finance Receivables XI LLC:
-- Series 2022-2, Class A-2 Notes confirmed at AAA (sf)
-- Series 2022-2, Class B Notes confirmed at AA (sf)
-- Series 2022-2, Class C Notes confirmed at A (sf)
-- Series 2022-2, Class D Notes confirmed at BBB (sf)
-- Series 2022-2, Class E Notes confirmed at BB (sf)
-- Series 2022-2, Class F Notes confirmed at B (sf)

The rating actions are based on the following analytical considerations:

-- The transaction assumptions consider DBRS Morningstar’s baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios For Rated Sovereigns: April 2023 Update,” published on April 28, 2023. These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse Coronavirus Disease (COVID-19) pandemic scenarios, which were first published in April 2020.

-- The currently available hard credit enhancement in the form of overcollateralization, subordination (as applicable), and amounts of deposit in the cash reserve account, as well as the change in the level of protection afforded by each form of credit enhancement since the closing of each transaction.

-- The collateral performance on the transactions are within expectation with low levels of cumulative net loss to date.

-- The relative benefit from obligor and geographic diversification of collateral pools.

-- The transaction parties’ capabilities with regard to originating, underwriting, and servicing.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at (May 17, 2022) https://www.dbrsmorningstar.com/research/396929 .

Notes:
The principal methodology applicable to the ratings is DBRS Morningstar Master U.S. ABS Surveillance (February 6, 2023; https://www.dbrsmorningstar.com/research/409444).

Other methodologies referenced in this transaction are listed at the end of this press release

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The rating was initiated at the request of the rated entity.

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

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This is a solicited credit rating.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

DBRS, Inc.
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New York, NY 10005 USA
Tel. +1 212 806-3277

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

Operational Risk Assessment for U.S. ABS Servicers (April 5, 2023)
https://www.dbrsmorningstar.com/research/412303

Operational Risk Assessment for U.S. ABS Originators (April 5, 2023)
https://www.dbrsmorningstar.com/research/412302

Legal Criteria for U.S. Structured Finance (December 7, 2022)
https://www.dbrsmorningstar.com/research/407008

Rating U.S. Structured Finance Transactions (February 6, 2023)
https://www.dbrsmorningstar.com/research/409449

Rating U.S. Equipment Lease and Loan Securitizations (July 1, 2022)
https://www.dbrsmorningstar.com/research/399171

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.