DBRS Assigns Rating to Credit Suisse’s Liquidity Instrument Pursuant to Liquidity Agreement – DAS within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has assigned a rating of AA (high) (sf) to the Liquidity Instrument pursuant to the Liquidity Agreement dated as of February 12, 2016, by and among GIFS Capital Company, LLC, a Delaware limited liability company; Credit Suisse AG, Cayman Islands Branch as Liquidity Institution; and Credit Suisse AG, New York Branch as Agent, supporting the transaction Liquidity Agreement – DAS within GIFS Capital Company, LLC.

The rating assumes that the Liquidity Agreement has been invoked and, as such, the Liquidity Institution is the investor of the notes secured by a pool of retail auto loan and auto lease securitizations.

The rating addresses the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

The facility includes an interest rate counterparty with a rating below the level of A (high) set forth in the DBRS “Legal Criteria for U.S. Structured Finance” methodology. DBRS believes, however, that given the available credit enhancement, the rating of the interest rate counterparty is consistent with the assigned rating.

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