Moody's Investors Service, Fitch Ratings, Kroll Bond Rating Agency and DBRS have each assigned preliminary ratings to four classes of notes, including triple-A ratings to the $601.54 million in Class A senior notes split equally among two fixed- and floating-rate tranches. The Class A notes have 11.23% credit enhancement, similar to the comparable tranche of CF II's previous transaction, completed last year. Chesapeake Funding II is the trust platform that Element Fleet Management established in 2015 to securitize the collateral of the U.S. fleet leasing and management services business it acquired from GE Capital Corp.