DBRS Assigns Ratings to Credit Suisse AG’s Liquidity Instruments Pursuant to Liquidity Agreement – RLF within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) has today assigned the following ratings to the Liquidity Instruments pursuant to the Liquidity Agreement – RLF dated as of June 20, 2017, 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 – RLF within GIFS Capital Company, LLC.

-- Liquidity Agreement – RLF Class A Loans, rated A (sf)
-- Liquidity Agreement – RLF Class B Loans, rated A (low) (sf)

The transaction is a warehouse for the financing of consumer loan receivables.

These rating actions reflect the full and timely repayment of the interest and principal in accordance with the transaction documentation. The ratings assume that the Liquidity Agreement has been invoked, and as such, the liquidity institution is the investor of the notes. The sources of information used for this rating include parties involved in the rating, including, but not limited to, Credit Suisse AG.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, Rating U.S. Structured Finance Transactions – Consumer Loan Appendix, and Rating U.S. Credit Card Asset Backed Securities, which can be found on dbrs.com under Methodologies.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.