DBRS Assigns Ratings to DWC Taurus II, LLC Class A Loan

DBRS, Inc. (DBRS) has today assigned an A (sf) rating to the DWC Taurus II, LLC Class A Loan (the Class A Loan), which has been issued pursuant to the Loan and Security Agreement between DW Taurus II, LLC as Borrower, Sheffield Receivables Company, LLC as Lender, and Barclays Bank PLC as Facility Agent, dated as of November 2, 2016 (and subsequently amended as of November 30, 2016). The Class A Loan is secured by private student loans originated through College Avenue Student Loans, LLC (CASL) and its bank partner.

The rating is based upon a review by DBRS of the following considerations:

-- Transaction structure and sufficiency of the warehouse facility’s advance rate and other forms of credit enhancement, which are commensurate with a rating of A (sf).
-- Concentration limits and eligibility criteria, which will help maintain the characteristics of the revolving loan pool at a level commensurate with the A (sf) rating level.
-- The warehouse facility has certain performance-related triggers, which, if violated, will result in an early amortization event.
-- The experience and capabilities of CASL and its bank partner to originate and underwrite private student loans.
-- The ability of CASL and University Accounting Service, LLC to service and perform collections on the collateral pool.
-- The existence of a backup servicer and a backup administrator.
-- The soundness of the warehouse facility’s legal structure and presence of legal opinions that address the true sale and non-consolidation of the assets, that the special-purpose entity has a valid first priority security interest in the assets, and consistency with the “DBRS Legal Criteria for U.S. Structured Finance” methodology.

Notes:
The applicable methodology is Rating U.S. Private Student Loan Securitizations, which can be found on our website under Methodologies.

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