DBRS Assigns Rating to Credit Suisse’s Liquidity Instrument Pursuant to Liquidity Agreement – Brightlight 2016-1 within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has assigned a rating of AA (low) (sf) to the Liquidity Instrument pursuant to the Liquidity Agreement – Brightlight 2016-1 dated as of November 18, 2016, by and among GIFS Capital Company, LLC, a Delaware limited liability company; Alpine Securitization Ltd. and Credit Suisse AG, Cayman Islands Branch as Liquidity Institutions; and Credit Suisse AG, New York Branch as Agent.

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 private student loans.

The rating addresses the ultimate 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 Rating U.S. Private Student Loan Securitizations, which can be found on our website under Methodologies.