DBRS Upgrades Liquidity Agreement Supporting Transaction CF III within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today upgraded the rating on the liquidity instrument, pursuant to the Liquidity Agreement, supporting the CF III transaction within GIFS Capital Company, LLC to AA (sf) from A (sf). This rating action reflects an amendment to the CF III transaction that the Liquidity Agreement supports, as per Amendment No. 13 to the Transfer and Administration Agreement dated as of February 25, 2016, as well as other related documents.

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

The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits (May 2015) and Rating U.S. Retail Auto Loan Securitizations (June 2015), which can be found on our website under Methodologies.