DBRS Morningstar Confirms and Discontinues AA (low) (sf) Rating on Liquidity Agreement – Brightlight 2016-1 within GIFS Capital Company, LLC

DBRS, Inc. (DBRS Morningstar) confirmed and discontinued the AA (low) (sf) rating on Liquidity Agreement – Brightlight 2016-1 within the asset-backed commercial paper conduit GIFS Capital Company, LLC (GIFS Capital or the Issuer) pursuant to a review of the annual performance data.

Liquidity Agreement – Brightlight 2016-1 is a liquidity instrument provided by Credit Suisse AG to GIFS Capital.

The rating rationale for the confirmation includes the following key analytical considerations:

-- The support the liquidity agreement provides to the underlying transaction.
-- The underlying timeshare loans, which are performing within expectations.

At the Issuer’s request, DBRS Morningstar is discontinuing the rating on Liquidity Agreement – Brightlight 2016-1.

Notes:
The principal methodologies are Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits and Rating U.S. Timeshare Loan Securitizations, 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.

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