DBRS Morningstar Confirms Ratings on Global SC Finance SRL and Global SC Finance II SRL

DBRS, Inc. (DBRS Morningstar) confirmed its ratings on five publicly rated securities issued by Global SC Finance SRL and Global SC Finance II SRL. The performance trends of the five securities reflect credit enhancement levels that are sufficient to cover DBRS Morningstar expected losses at their current respective rating levels.

DBRS Morningstar reviewed the following transactions:
-- Global SC Finance SRL
-- Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2013-1
-- Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1

The ratings are based on DBRS Morningstar’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 methodology is DBRS Master U.S. ABS Surveillance Methodology, 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 Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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

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