DBRS Finalizes Rating of Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-1 and Confirms Rating of Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2012-1

DBRS, Inc. (DBRS) has finalized the provisional rating of ‘A’ (sf) to the Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-1 (the new series) and confirmed the ‘A’ (sf) rating of the Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2012-1 (the outstanding series). The new series are issued in an amount of $400,000,000. The assets securing the new series also collateralize the outstanding series issued last year and consist of a pool of dry, refrigerated, tank and dry freight special marine containers, associated leases and related rights under such leases, certain transaction accounts, as well as rights of Global SC Finance II SRL under the transaction documents.

The Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-1 have a scheduled maturity date in April 2023 and a final maturity date in April 2028. Deutsche Bank Securities Inc. serves as Administrative Agent. U.S. Bank National Association serves as Indenture Trustee and the Transition Manager.

In determining its rating for the transaction, DBRS relied on the assessment of the collateral pool, the experience and strength of the manager, the legal structure of the transaction, as well as a cash flow analysis. The cash flow analysis stressed lessee defaults, long-term lease and short-term lease per diem rates, short-term lease utilization rates, direct operating expenses and residual realization values.

Note:
All figures are in U.S. dollars unless otherwise noted.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.