DBRS Upgrades Ratings on Liquidity Instruments Pursuant to Liquidity Agreement - RLF within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) upgraded the following ratings on the Liquidity Instruments pursuant to the Liquidity Agreement – RLF dated as of June 20, 2017, by and among GIFS Capital Company, LLC, a Delaware limited liability company; Credit Suisse AG, Cayman Islands Branch as Liquidity Institution; and Credit Suisse AG, New York Branch as Agent, supporting the transaction Liquidity Agreement – RLF within GIFS Capital Company, LLC. The ratings on these Liquidity Instruments were upgraded pursuant to the execution of Amendment No. 2 to the Credit Agreement (Second Amendment) dated as of August 30, 2018.

-- Liquidity Agreement – RLF Class A Loans, upgraded to AA (sf) from A (sf)
-- Liquidity Agreement – RLF Class B Loans, upgraded to A (high) (sf) from A (low) (sf)

The transaction is a warehouse for the financing of consumer loan receivables.

These rating actions reflect the full and timely repayment of the interest and principal in accordance with the transaction documentation. The ratings assume that the Liquidity Agreement has 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 in connection with this rating action.

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.

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