DBRS Assigns Ratings to CB WH BRW 2015-1 SPV LLC Warehouse Notes

DBRS, Inc. (DBRS) has today assigned an A (sf) rating to the CB WH BRW 2015-1 SPV LLC Warehouse Notes (the Notes) which have been issued pursuant to the Warehouse Note Purchase and Security Agreement between CB WH BRW 2015-1 SPV LLC as Borrower, Barclays Bank PLC as Lender and Facility Agent, and Wilmington Trust National Association as Trustee and Lender Trustee, dated as of December 16, 2015. The Notes will be secured by education loans originated by either CommonBond Lending, LLC or Bank of Lake Mills. The loans will be serviced by Nelnet Servicing, LLC (d/b/a Firstmark Services).

The ratings are based upon a review by DBRS of the following analytical considerations:

-- Transaction structure, proposed rating and form and sufficiency of available credit enhancement.
-- Overconcentration limits and eligibility criteria which will help maintain the characteristics of the revolving loan pool at a level commensurate with the A (sf) rating level.
-- The warehouse facility has certain performance triggers which, if violated, will result in an early amortization event.
-- The experience, underwriting and origination capabilities of CommonBond Lending, LLC and Bank of Lake Mills.
-- The ability of Nelnet Servicing, LLC to perform collections on the collateral pool.
-- The soundness of the legal structure and presence of legal opinions which address the true sale of the assets to the issuer, the non-consolidation of the SPV, and that the trust has a valid first priority security interest in the assets and consistency with the DBRS Legal Criteria for U.S. Structured Finance Transactions methodology.

Notes:
The applicable methodology is Rating U.S. Private Student Loan Securitizations, which can be found on our website under Methodologies.

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