DBRS Reviews Liquidity Agreement Supporting Transaction NLF within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today reviewed the rating of A (sf) to the Credit Suisse Liquidity Instrument pursuant to the Liquidity Agreement dated June 26, 2015, by and among GIFS Capital Company LLC, a Delaware limited liability company; Credit Suisse AG, Cayman Islands Branch, as a Liquidity Institution; and Credit Suisse AG, New York Branch as Agent, supporting the transaction Liquidity Agreement – NLF within GIFS Capital Company, LLC.

As of the January 2016 Monthly Period, the three-month average payment rate was below the Level I Payment Rate Trigger. Effective as of February 16, 2016, a limited waiver was entered into which waives an increase in credit enhancement related to a breach of the aforementioned trigger. DBRS is not placing this transaction under review, or taking a rating action on the outstanding rating at this time, and will continue to monitor the rating on the liquidity instrument.

Notes:
The existing rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, which can be found on our website under Methodologies.