DBRS Confirms Ratings on Synchrony Sales Finance Master Trust, Series 2015-B U.S. ABS Transaction

DBRS, Inc. (DBRS) confirmed the ratings on the Class A and Class B securities issued by the Synchrony Sales Finance Master Trust, Series 2015-B U.S. structured finance asset-backed securities transaction. The Class A was confirmed as AAA (sf) and the Class B was confirmed at AA (sf). For both ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website 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.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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