Moody’s Investors Service upgraded two and affirmed seven securities from Dell Equipment Finance Trust transactions issued in 2015 and 2016.

The transactions are securitizations of small-ticket equipment leases serviced by Dell Financial Services.

Complete rating actions are as follows:

Issuer: Dell Equipment Finance Trust 2015-2

• Class A-3 Fixed Rate Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class B Fixed Rate Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class C Fixed Rate Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class D Fixed Rate Notes, Upgraded to Aaa (sf); previously on Jul 31, 2017 Upgraded to Aa1 (sf)

Issuer: Dell Equipment Finance Trust 2016-1

• Class A-2 Asset Backed Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class A-3 Asset Backed Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class B Asset Backed Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Affirmed Aaa (sf)
• Class C Asset Backed Notes, Affirmed Aaa (sf); previously on Jul 31, 2017 Upgraded to Aaa (sf)
• Class D Asset Backed Notes, Upgraded to Aa2 (sf); previously on Jul 31, 2017 Upgraded to A1 (sf)

The actions were prompted by a build-up of credit enhancement due to the sequential payment structure of the transactions and non-declining reserve accounts. The lifetime cumulative net loss (CNL) expectation for the 2015-2 transaction remained unchanged at 2.0%, but the Aaa (sf) level increased from 19.0% to 22.0%, reflecting an increase in the top obligor concentrations and the residual value risks. For the 2016-1 transaction CNL decreased to 2.0% from 3.0% and the Aaa (sf) level remained unchanged. The performance on the 2016-1 transaction to date has been better than initially expected, with CNL to date at 0.44% of original pool balance.