DBRS Confirms Ratings on Liquidity Agreement Supporting Transaction AFL within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) confirmed the rating of BBB (high) (sf) on the liquidity instrument, pursuant to the Liquidity Agreement supporting the AFL transaction within GIFS Capital Company, LLC.

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 commercial aircraft and aircraft lease securitizations.

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 principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and DBRS Master U.S. ABS Surveillance Methodology, 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.