DBRS Comments on Issuance of Fleet Leasing Receivables Trust Asset-Backed Notes, Series 2010-2, Class A and B
DBRS has today noted that Fleet Leasing Receivables Trust (the Trust) issued Asset-Backed Notes, Series 2010-2, Class A and Class B (collectively, the Series 2010-2 Notes) on August 31, 2010. At this time, DBRS notes that this issuance has no impact on the ratings of the classes of Asset-Backed Notes, Series 2010-1 (the Series 2010-1 Notes) issued by the Trust on January 27, 2010.
On closing of the Series 2010-1 Notes, the Trust acquired an interest in a portfolio of commercial open-ended lease receivables, including passenger cars; light, medium and heavy-duty trucks; and equipment such as forklifts and truck bodies. The lease receivables were originated by PHH Vehicle Management Services Inc. (PHH), which operates a fleet-leasing business for commercial customers located across Canada. The Series 2010-2 Notes are supported by the interest in the portfolio of open-ended lease receivables acquired by the Trust.
Notes:
The applicable methodology is the DBRS internal Trade/Fleet Receivable Securitization Methodology.
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