DBRS Confirms Ratings on Credit Suisse AG Liquidity Instruments Pursuant to Liquidity Agreement – CWF VII Within GIFS Capital Company, LLC

DBRS, Inc. (DBRS) confirmed the outstanding ratings on the Liquidity Agreement – CWF VII Class A Loans and Liquidity Agreement – CWF VII Class B Loans within the GIFS Capital Company, LLC at AA (sf) and A (sf), respectively. Performance of the securities is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their 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:
The principal methodologies are DBRS Master U.S. ABS Surveillance Methodology and Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, which can be found on dbrs.com 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.

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