DBRS Confirms Rating on Liquidity Agreement Supporting Transaction NLF within GIFS Capital Company LLC

DBRS, Inc. (DBRS) has today confirmed the rating of A (sf) on the following liquidity instrument, pursuant to the Liquidity Agreement supporting the NLF transaction within GIFS Capital Company, LLC. The amendment primarily reflects the repayment in full of a Canadian-dollar tranche in the underlying NLF transaction. The rating action reflects the impact of the execution of the Fourth Amendment to the Amended and Restated Loan Agreement and related documents, executed as of September 30, 2015.

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

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

The rated entity or its related entities did not participate in the rating process. DBRS did not have access to the accounts and other relevant internal documents of the rated entity or its related entities.