DBRS Upgrades Rating on CB WH BRW 2015-1 SPV LLC’s Warehouse Notes

DBRS, Inc. (DBRS) upgraded the rating on CB WH BRW 2015-1 SPV LLC’s Warehouse Notes (Notes) to AA (sf) from A (sf) based on a review of the Sixth Amendment of the Warehouse Note Purchase and Security Agreement, between CB WH BRW 2015-1 SPV LLC as Borrower, Barclays Bank PLC as Lender and Facility Agent, Sheffield Receivables Company LLC as Conduit Lender and Wilmington Trust National Association as Trustee and Lender Trustee, dated as of December 7, 2017.

The rating is based on a review of certain amendments to the terms of the warehouse facility in addition to recent refinements to the DBRS approach for deriving expected gross loss and other cash flow assumptions. The facility’s structure and advance rate provide credit enhancement levels and liquidity sufficient to support the upgraded rating.

The Warehouse Notes are secured by education loans originated by CommonBond, Inc. and serviced by Nelnet Servicing, LLC (doing business as Firstmark Services).

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.

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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