DBRS Assigns Ratings to Synchrony Sales Finance Master Trust, Series 2015-B

DBRS, Inc. has today assigned the following ratings to the notes issued by Synchrony Sales Finance Master Trust, Series 2015-B:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)

The Synchrony Sales Finance Master Trust, Series 2015-B facility is a warehouse provided to Synchrony Bank (the Originator), a subsidiary of Synchrony Financial (the Sub-servicer). Synchrony Bank is currently an indirect subsidiary of General Electric Capital Corporation (GECC).

GECC announced in 2014 that it would spin off its non-core businesses. The consumer finance division, one of the non-core businesses, was rebranded under the new name Synchrony Financial and an initial public offering issued on July 31, 2014, occurred. GECC’s parent company, GE, sold approximately 15% of Synchrony Financial and has stated its intention to divest the remaining ownership stake in Q1 2016.

The facility has been provided, ultimately, to the Originator for the financing of CareCredit and Payment Solutions credit card receivables.

The ratings assigned are based on the following factors:
-- Form and sufficiency of available credit enhancement.
-- DBRS has performed an operational risk review to assess the capability of Synchrony Bank origination and servicing functions. DBRS deems Synchrony Bank as an acceptable originator and servicer.
-- Performance and quality of the credit card receivables pool.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with Synchrony Bank and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance.”

Notes:
The applicable methodology is Rating U.S. Credit Card Asset Backed Securities, which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.