DBRS Morningstar Discontinues Ratings on Global Commission Funding LLC

DBRS, Inc. (DBRS Morningstar) discontinued the BBB (sf) rating of the Tranche A Advances and the BB (sf) rating of the Tranche B Advances issued by Global Commission Funding LLC transaction due to repayment.

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 did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on the transaction took place on March 29, 2019, when the ratings of the securities were confirmed at their current rating levels.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Jayce Fox, Senior Vice President, U.S. ABS Surveillance, Global Structured Finance
Rating Committee Chair: Christopher D’Onofrio, Managing Director, U.S. ABS, Global Structured Finance Initial Rating Date: March 29, 2018

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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