DBRS Finalizes Ratings of Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1 (Class A-1 and Class A-2) and Confirms Ratings of Global SC Finance II SRL Fixed Rate Asset Backed Notes

DBRS has today finalized the provisional ratings of A (sf) for two classes of the Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1 (Series 2014-1 Notes) and has also confirmed the “A” (sf) ratings of the Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2012-1, Series 2013-1 and Series 2013-2 (collectively, Outstanding Series). The Series 2014-1 Notes are issued in the amount of $500,000,000 and consist of two pari passu and pro rata classes: Class A-1 ($300,000,000) and Class A-2 ($200,000,000). The Class A-2 Notes were privately placed.

The assets securing the Series 2014-1 Notes also collateralize the Outstanding Series 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 Series 2014-1 Notes have a scheduled maturity date in July 2024 and a final maturity date in July 2029. 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 and a cash flow analysis. The cash flow analysis stressed long-term lease and short-term lease per diem and utilization rates as well as direct operating expenses and residual realization values.

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

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

DBRS’s rating definitions and the terms of use of such ratings are available at www.dbrs.com.

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