OREANDA-NEWS. March 30, 2015. Fitch Ratings assigns the following rating to AT&T Receivables Funding, LLC's March 2015 investment:

--\\$1,523,835,916.86 March 2015 investment 'Asf'; Outlook Stable.

KEY RATING DRIVERS

Fitch's rating is based on the underlying receivables pool, available credit enhancement, AT&T's underwriting and servicing capabilities, and the transaction's legal and cash flow structures.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or chargeoffs on customer accounts could produce loss levels higher than the base case and would likely result in declines of credit enhancement (CE) and remaining loss coverage levels available to the investments. Decreased CE may make certain ratings on the investments susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base case charge-off assumption by 1.5x and 2.5x and examining the rating implications. The 1.5x and 2.5x increase of the base case chargeoffs represents moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a transaction's performance.

During the sensitivity analysis, Fitch examines the magnitude of the multiplier compression by projecting the expected cash flows and loss coverage levels over the life of investments under higher than the initial base case chargeoff assumptions. Fitch models cash flows with the revised chargeoff estimates while holding constant all other modeling assumptions.

Under the 1.5x base case stress scenario, the multiple for the investments compresses from the initial level to 3.45x-3.55x, corresponding to no rating impact. Under the 2.5x base case stress scenario, the multiple for the investments compresses from the initial level to 2.05x-2.15x, corresponding to a one category downgrade.

Fitch also stressed the timing of the account chargeoffs, modeling a front, mid, and back loaded timing of account chargeoffs. The front loaded chargeoff timing curve is the most stressful, and could result in a one category downgrade of the ratings.

For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction, please see the related appendix, 'AT&T Receivables Funding, LLC - Appendix' published Oct. 31, 2014.