DBRS Assigns Ratings to Advances to Senior Commission Funding LLC and Global Commission Funding LLC

DBRS, Inc. (DBRS) assigned a rating of BBB to $147,900,000 of Tranche A Advances to Senior Commission Funding LLC (SCF) and Global Commission Funding LLC (GCF) and a rating of BB to $22,100,000 of Tranche B Advances to SCF and GCF due March 31, 2048. The ratings address timely payment of Tranche A Senior Interest and Tranche B Senior Interest, and ultimate payment of the Tranche A Advances and the Tranche B Advances by the Legal Final Maturity Date.

RATING RATIONALE
The key analytical considerations evaluated by DBRS in assigning the ratings include reviews of the following:
-- Operational risk;
-- Collateral composition;
-- Historical performance, including actual to expected performance;
-- Transaction capital structure and priority of payments;
-- Cash flow analysis, which includes stressed commission projections and default analysis of related insurance carriers; and
-- Legal structure and opinions.

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

The principal methodology is Rating U.S. Structured Finance Transactions, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The rated entities or their 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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