<div id="readability-page-1"><div>Fitch Ratings-New York-18 December 2025:Fitch Ratings has assigned AT&amp;T Receivables Funding, LLC's December 2025 investment a 'AAAsf' rating. The Rating Outlook is Stable. The transaction passes 'AAAsf' rating level cash flow stresses, with credit enhancement (CE) of 48.18%, well above breakeven thresholds.AT&amp;T Receivables Funding December 2025----Class A ; Long Term Rating; New Rating; AAAsf; Rating Outlook StableKEY RATING DRIVERSObligor Default Risk — Solid Collateral Quality: The December 2025 AT&amp;T Receivables Funding, LLC trust asset pool consists of 100% device installment plan agreements originated and serviced by AT&amp;T Mobility. Of these agreements, 93% have been originated to consumers and the remaining 7% to businesses. The static pool consists of agreements from AT&amp;T's Low and Medium underwriting risk categories, with long weighted average customer tenure. Fitch has assigned a base case default rate of 3.79% (not including upgrade risk) for the receivables in the pool, higher than 3.57% assigned in June 2025. The increase is attributable to a shift in the current pool mix to a higher proportion of shorter tenure loans compared to the June 2025 investment pool.A stress multiple of 4.0 was applied to the consumer portion of the loans at the 'AAAsf' stress level, reflecting the non-revolving nature of the transaction and the performance history of the program. A stress multiple of 4.50x was applied to the business portion of the loans at the 'AAAsf' stress level, which is higher than the consumer loans. The higher multiple reflects the differences in originating and servicing handset contracts to business customers and Fitch's expectations of a greater impact to performance during economic downturns.Counterparty Risks — Exposure to AT&amp;T Performance: While not directly linked, the rating assigned to the investments faces greater exposure to the credit profile and market position of AT&amp;T (BBB+/F2/Rating Watch Negative) than other consumer loan transactions. AT&amp;T's subsidiaries act as originators, servicers and network operators. In Fitch's view, customers may change their payment behavior in the event of an AT&amp;T insolvency.Fitch gives credit to installment payments both before and after a customer's upgrade eligibility. Following an AT&amp;T insolvency, there is a risk that upgraded contract remittances may not be made to the trust. To account for this risk, Fitch assumed a 1.00% base case loss. After applying the 4.0x and 4.50x default multiples at the 'AAAsf' level for consumer and business receivables eligible for upgrades, respectively, the additional weighted average loss uplift was 2.94%. Fitch also used proxy mobile phone upgrade information to better assess this risk.Structural Risks — Robust CE: The transaction will benefit at closing from 48.18% CE, provided solely through overcollateralization. The initial CE is well above the loss coverage thresholds. In addition, while the assets will bear a fixed rate through a 4.70% discount rate, the liabilities will bear a floating rate index to Term SOFR with a Term SOFR cap provided by Banco Santander, S.A. (A+(dcr) Derivative Counterparty Rating). This cap will be calculated through a fixed notional amortization schedule, which was modeled by Fitch in its analysis.Servicer, Operational Risks — Strong Servicing Capabilities: As the servicer of the pool, New Cingular Wireless PCS, LLC (d/b/a AT&amp;T Mobility) has an extensive history of servicing cell phone contracts. Fitch considers AT&amp;T's servicing operations of cell phone contracts a strength because of this history and AT&amp;T's position as one of the largest wireless service providers in the U.S.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeUnanticipated increases in the frequency of defaults or charge-offs on customer accounts could produce loss levels higher than the base case and would likely result in declines of 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.Fitch conducts sensitivity analysis by stressing a transaction's initial base case charge-off assumption by an additional 10%, 25% and 50%, and examining the rating implications. The increases of the base case charge-offs 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 charge-off assumptions. Fitch models cash flows with the revised charge-off estimates while holding constant all other modeling assumptions.Under the 10%, 25%, and 50% stresses, the rating level remains unchanged at 'AAAsf'.While the rating assigned to the December 2025 investment is not directly linked to AT&amp;T's rating, it may be sensitive to a change in AT&amp;T's credit profile if such change is deemed to materially affect the ability of AT&amp;T to fulfill certain counterparty responsibilities.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeUpgrade sensitivity is not applicable given the current ratings are at the highest achievable level of 'AAAsf'.USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&amp;Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&amp;Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&amp;Es. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Contacts:Primary Rating AnalystNidhi Bhatnagar,Associate Director+1 212 612 7875nidhi.bhatnagar@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Secondary Rating AnalystAbhishek More,Associate Director+1 646 582 4970abhishek.more@fitchratings.comSurveillance Rating AnalystNidhi Bhatnagar,Associate Director+1 212 612 7875nidhi.bhatnagar@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Committee ChairpersonHarry Kohl,Senior Director+1 212 908 0837harry.kohl@fitchratings.comMEDIA RELATIONS: Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).ABS Loss Forecaster Model, v1.3.3 (1)Consumer ABS Asset Model, v1.3.0 (1)Multi-Asset Cash Flow Model, v3.7.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has assigned a 'AAAsf' rating with a Stable Outlook to AT&T Receivables Funding, LLC's December 2025 investment. The transaction benefits from a 48.18% credit enhancement, surpassing breakeven thresholds. The asset pool consists of device installment plans by AT&T Mobility, with a base case default rate of 3.79%. The rating faces exposure to AT&T's credit profile, and sensitivity analysis shows the rating remains unchanged under stress scenarios.

Fitch Rates AT&T Receivables Funding, LLC's December 2025 Investment