DBRS Finalizes Rating of Global SC Funding One Limited, Series 2015-1 B1 Notes

DBRS, Inc. (DBRS) has today finalized its provisional rating of BBB (sf) on the Series 2015-1 B1 Fixed Rate Deferrable Interest Asset Backed Notes (the Series 2015-1 Notes) issued by Global SC Funding One Limited (New Issuer). The Series 2015-1 Notes are issued in the amount of $100,000,000. The Series 2015-1 Notes monetize a portion of the excess cash flows expected to be available to Global SC Finance SRL (Existing Issuer) after being released to the Existing Issuer under the Second Amended and Restated Indenture dated as of October 17, 2014, between the Existing Issuer and U.S. Bank National Association, as indenture trustee (Existing Indenture) and any related supplement agreements. This relates to two series of notes, one term and one revolving note currently outstanding under the Existing Indenture: Floating Rate VFN-Warehouse Series 2011-1 and Floating Rate Term Series 2011-2 A1 and Fixed Rate Term Series 2011-2 A2. Both series are rated A (low) by DBRS.

The rating of the Series 2015-1 Notes is based on payment in full of interest (at the Series 2015-1 Note Interest Rate) as well as principal by the Series 2015-1 Final Maturity Date in accordance with the transaction documentation. The Series 2015-1 Notes have a scheduled maturity date in October 2017 and a final maturity date in January 2030. U.S. Bank National Association serves as Indenture Trustee.

In determining rating for the transaction, DBRS relied on the assessment of the collateral pool securing the notes issued pursuant to the Existing Indenture and the ability of such collateral to generate excess cash flows available to service the Series 2015-1 Notes, the experience and strength of the manager and the legal structure of the transaction. The ability of collateral to generate excess cash flows was tested by stressing the long-term lease and short-term lease per diem and utilization rates as well as direct operating expenses and residual realization values. DBRS incorporated the projected excess cash flows generated in the cash flow modeling scenario commensurate with an overall BBB rating for the transaction into the priority of payments for the Series 2015-1 Notes.

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.