DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) confirmed the ratings on five publicly rated securities issued by three U.S. structured finance asset-backed security transactions. The performance trends of the five securities reflect credit enhancement levels that are sufficient to cover DBRS-expected losses at their current respective rating levels.

DBRS 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’s review of the following analytical considerations:

-- Transaction capital structure, 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 the 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 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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