DBRS Upgrades and Assigns Ratings to CB WH BRW 2015-1 SPV LLC

DBRS, Inc. (DBRS) upgraded its rating on the following loan issued by CB WH BRW 2015-1 SPV LLC:

-- Class A Loans, upgraded to AAA (sf) from AA (sf)

DBRS also assigned a new rating to the following loan issued by CB WH BRW 2015-1 SPV LLC:

-- Class B Loans, rated AA (sf)

The CB WH BRW 2015-1 SPV LLC transaction is a warehouse for the financing of education loans originated by CommonBond, Inc. The upgraded rating and new rating are based on amendments to the transaction and on a review by DBRS of the following analytical considerations:

-- Transaction structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay the Class A Loans and Class B Loans according to their terms as detailed in the transaction documents.
-- Overconcentration limits and eligibility criteria that will help maintain the characteristics of the revolving loan pool at a level commensurate with the AAA (sf) and AA (sf) rating levels.
-- The warehouse facility has certain performance triggers, which, if violated, will result in an early amortization event.
-- The experience, underwriting and origination capabilities of CommonBond Lending, LLC.
-- The ability of Nelnet Servicing, LLC to perform collections on the collateral pool.
-- The soundness of the legal structure and presence of legal opinions that address the true sale of the assets to the issuer, the non-consolidation of the special-purpose vehicle, and that the trust has a valid first priority security interest in the assets and consistency with the DBRS “Legal Criteria for U.S. Structured Finance Transactions” methodology.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating U.S. Private Student Loan Securitizations, which can be found on dbrs.com under Methodologies & Criteria.

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.