DBRS Confirms Ratings on Liquidity Agreements Supporting Transactions within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today confirmed the following ratings on the liquidity instruments, pursuant to the respective Liquidity Agreements supporting transactions within GIFS Capital Company, LLC:

-- Liquidity Agreement – CRN: A (sf)
-- Liquidity Agreement – DAT: A (sf)
-- Liquidity Agreement – SL2: AAA (sf)
-- Liquidity Agreement – SL3: AAA (sf)

The ratings assume that the respective Liquidity Agreements have been invoked and, as such, the liquidity institution is the investor of the notes. The ratings address the timely distributions of scheduled monthly interest payments and the ultimate distributions of principal in accordance with the transaction documents.

Notes:
The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits (May 2015) and DBRS Master U.S. ABS Surveillance Methodology (March 2016), which can be found on our website under Methodologies.

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