Moody’s Investors Service has upgraded six securities and affirmed nine securities from the LEAF Receivables Funding LLC, Series 2015-1 and 2016-1 transactions. The transactions are securitizations of small-ticket equipment leases serviced by LEAF Commercial Capital.

Complete rating actions are as follow:

Issuer: LEAF Receivables Funding 10, LLC Series 2015-1

• Class A-3 Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class A-4 Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class B Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class C Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class D Notes, Upgraded to Aaa (sf); previously on April 11, 2017 Upgraded to Aa1 (sf)
• Class E-1 Notes, Upgraded to Aa2 (sf); previously on April 11, 2017 Upgraded to Aa3 (sf)
• Class E-2 Notes, Affirmed Baa2 (sf); previously on April 11, 2017 Upgraded to Baa2 (sf)

Issuer: LEAF Receivables Funding 11 LLC, Series 2016-1

• Class A-2 Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class A-3 Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class A-4 Notes, Affirmed Aaa (sf); previously on April 11, 2017 Affirmed Aaa (sf)
• Class B Notes, Affirmed Aaa (sf); previously on Apr 11, 2017 Upgraded to Aaa (sf)
• Class C Notes, Upgraded to Aa1 (sf); previously on April 11, 2017 Upgraded to Aa2 (sf)
• Class D Notes, Upgraded to Aa3 (sf); previously on April 11, 2017 Upgraded to A2 (sf)
• Class E-1 Notes, Upgraded to A3 (sf); previously on April 11, 2017 Upgraded to Baa2 (sf)
• Class E-2 Notes, Upgraded to Ba1 (sf); previously on April 11, 2017 Affirmed Ba3 (sf)