DBRS Confirms Ratings on Liquidity Agreements Supporting Transactions within GIFS Capital Company, LLC

DBRS, Inc. has confirmed the following ratings on the liquidity instruments, pursuant to the Liquidity Agreements supporting GIFS Capital Company, LLC. The ratings address the timely payment of interest and principal.

-- GIFS Capital Company, LLC - RNAR at AAA (sf)
-- GIFS Capital Company, LLC - LNAR at AA (sf)
-- GIFS Capital Company, LLC - WHAR at AA (sf)
-- GIFS Capital Company, LLC - RNAF at A (sf)
-- GIFS Capital Company, LLC - LNAF at A (sf)
-- GIFS Capital Company, LLC - WHAF at AA (sf)

Notes:
The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. & European ABCP Conduits (January 2015), Rating U.S. Retail Auto Loan Securitizations (December 2014), Rating U.S. Auto Lease Securitizations (December 2014) and Rating U.S. Wholesale Auto Securitizations (February 2015), all of which can be found on the DBRS website.

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