DBRS Assigns Rating to Thur River Funding, LLC

DBRS, Inc. (DBRS) has today assigned a AA (sf) rating to the Advances issued by Thur River Funding, LLC (the Issuer). The Thur River Funding, LLC facility is a warehouse for the financing of consumer loan receivables.

The rating is based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the ratings address the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The credit quality of the collateral and performance of the consumer loan portfolio. DBRS has used a hybrid approach in analyzing the portfolio that incorporates elements of static pool analysis, employed for assets such as consumer loans, and revolving asset analysis, employed for assets such as credit card master trusts.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with the sponsor, that the trust has a valid first-priority security interest in the assets and that it is consistent with DBRS’s “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

The principal methodologies are Rating U.S. Structured Finance Transactions 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.