DBRS Confirms Ratings on Liquidity Agreements Supporting Transactions Within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) confirmed the ratings on the following Liquidity Agreements supporting the following transactions within GIFS Capital Company, LLC:

-- Liquidity Agreement - RNAR at AAA (sf)
-- Liquidity Agreement - LNAR at AA (sf)
-- Liquidity Agreement - WHAR at AA (sf)
-- Liquidity Agreement - RNAF at A (sf)
-- Liquidity Agreement - LNAF at A (sf)
-- Liquidity Agreement - WHAF at AA (sf)

The ratings address the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

The ratings assume that the Liquidity Agreements have 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 (rated “A” with a Stable trend by DBRS).

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 our website under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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