DBRS Upgrades Liquidity Agreement Supporting Transaction DAS within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today upgraded the rating on the liquidity instrument, pursuant to the Liquidity Agreement, supporting the DAS transaction within GIFS Capital Company, LLC to AAA (sf) from AA (high) (sf). This rating action reflects the credit performance of the underlying assets, which is in line with DBRS’s expectations, in addition to stabilization in residual value performance.

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

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.