DBRS Confirms and Withdraws Rating of Liquidity Agreement - WST within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) confirmed and withdrew the outstanding rating of Liquidity Agreement - WST within GIFS Capital Company, LLC. Performance trends relating to the securities that were confirmed and withdrawn were such that credit enhancement levels were sufficient to cover DBRS’s expected losses at their respective rating levels. The ratings were withdrawn at the request of Credit Suisse AG (as Sponsor) as a result of a refinancing of the facility.

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 methodologies are Rating and Monitoring Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and Rating U.S. Timeshare Loan Securitizations, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

This rating was not initiated at the request of the rated entity.

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.

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