DBRS Confirms Ratings on Liquidity Instruments Pursuant to Liquidity Agreement - RLF within GIFS Capital Company, LLCABCP
DBRS, Inc. (DBRS) confirmed the following ratings on the Liquidity Instruments pursuant to Liquidity Agreement – RLF, dated as of June 20, 2017, as further amended by Amendment No.2 to Credit Agreement, dated as of August 30, 2018, 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.
-- Liquidity Agreement - RLF Class A Loans, rated AA (sf)
-- Liquidity Agreement - RLF Class B Loans, rated A (high) (sf)
The transaction is a warehouse for the financing of consumer loan receivables.
The confirmations 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.
The principal methodologies are Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits and DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website 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.
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