...Fitch Ratings expects to rate the notes to be issued by Dell Equipment Finance Trust 2026-2 (DEFT 2026-2) as listed above. Approximately $1.118 billion in notes will be backed by commercial leases and loans, underwritten by Dell Financial Services L.L.C. (DFS). The collateral primarily consists of Dell Technologies Inc. (BBB+/Stable/F2) and Dell EMC branded equipment. DEFT 2026-2 represents the 25th U.S. equipment securitization sponsored by DFS and will be the 17th to include unperformed services contracts and long-term trade credit receivables related to software contracts, which represent approximately 28.26% of the pool. See the Trust Asset Characteristics Comparison table for details....
