DBRS Confirms Ratings of Liquidity Agreements Supporting Transactions within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) confirmed the ratings of the following liquidity instruments, pursuant to the Liquidity Agreements supporting GIFS Capital Company, LLC:

-- Liquidity Agreement – SL3 at AAA (sf)
-- Liquidity Agreement – CRN at A (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 reflect the full and timely repayments of the interest and principal in accordance with the respective transaction documentation. 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.

Notes:
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.

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.

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