DBRS Finalizes Provisional Rating on Global SC Finance SRL Series 2011-2, Class A-2 and Confirms Ratings on Global SC Finance SRL Series 2011-1 and Series 2011-2, Class A-1

DBRS has today finalized its provisional rating of A (low) (sf) on the Series 2011-2, Class A-2 Fixed-Rate Term Notes issued by Global SC Finance SRL (the Issuer). DBRS has also confirmed the existing ratings of A (low) (sf) on the outstanding Series 2011-1 Variable Funding Notes and the Series 2011-2, Class A-1 Floating-Rate Term Notes issued by the Issuer.

The ratings take into consideration the amendments with respect to the transaction as of the restatement date of October 17, 2014. The transaction had originally closed in December 2011.

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.

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 or by contacting us at info@dbrs.com.

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