DBRS Morningstar Confirms Rating on Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1.
ENPNewswire-December 30, 2021--DBRS Morningstar Confirms Rating on Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1
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Release date- 29122021 - DBRS, Inc. (DBRS Morningstar) confirmed the A (sf) rating on the Fixed Rate Asset Backed Notes, Series 2014-1, Class A-2 issued by Global SC Finance II SRL Fixed Rate Asset Backed Notes, Series 2014-1.
The rating confirmations are based on the following analytical considerations:
The transaction assumptions consider DBRS Morningstar's baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated Sovereigns December 2021 Update, published on December 9, 2021. These baseline macroeconomic scenarios replace DBRS Morningstar's moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020. The baseline macroeconomic scenarios reflect the view that recent COVID-19 developments, particularly the new Omicron variant with subsequent restrictions, combined with rising inflation pressures in some regions, may dampen near-term growth expectations in coming months. However, DBRS Morningstar expects the baseline projections will continue to point to an ongoing, gradual recovery.
The container leasing market has exhibited resiliency in withstanding the effects of the pandemic, with the international trade volumes and demand for containers rebounding in mid- to late-summer 2020, and the majority of container shipping companies poised to have a stronger year financially.
No performance-based triggers are in effect.
All transactions continue to perform within expectations.
The transaction parties' capabilities with regard to origination, underwriting, and servicing.
The credit quality of the collateral pool and historical performance.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (May 26, 2021), which can be found on dbrsmorningstar.com under...
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