DBRS Assigns Rating to Credit Suisse Liquidity Instrument Pursuant to Liquidity Agreement SL2 Within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today assigned a rating of AAA (sf) to the Credit Suisse Liquidity Instrument pursuant to the Liquidity Agreement dated March 31, 2015, between Credit Suisse AG, Cayman Islands Branch, as Liquidity Institution, and Credit Suisse AG, New York Branch, as Agent (the Liquidity Agreement), supporting the transaction Liquidity Agreement SL2 within GIFS Capital Company, LLC. The rating assumes that the Liquidity Agreement has been invoked and, as such, the Liquidity Institution is the investor of the notes.

The rating addresses the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. & European ABCP Conduits and Rating U.S. Private Student Loan Securitizations. The loss multiple applied for the purposes of evaluating the above referenced transaction is below the range published in the related methodology due to a higher than typical loss expectation.

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