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

DBRS, Inc. (DBRS) has today assigned a rating of BBB (high) (sf) to the Liquidity Instrument pursuant to the Liquidity Agreement – AFL dated as at September 27, 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 – AFL 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 revolving pool of commercial aircraft and aircraft lease securitizations.

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

For revolving asset pools, DBRS typically considers the current asset pool as well as the asset pool that may result from optionality permitted through subsequent transfers as set forth in the legal documents. For this transaction, DBRS has assigned the above rating based on the current asset pool and will monitor the transaction for credit-quality changes, taking subsequent rating actions, as appropriate. While this represents a departure from “Legal Criteria for U.S. Structured Finance,” the supporting methodology, DBRS believes that the approach utilized for the assigned rating is consistent with the historical stability and quality of the asset pool, quality of the originator and servicer and availability of advance notice related to changes in pool composition.

Notes:
The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits (May 2015) and Rating Pooled Aircraft Lease Securitizations (May 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.