KBRA is affirming the ratings on the Class A and Class B notes for GCI Funding I Series 2020-1, and Series 2021-1, which are collectively part of the GCI Funding I master trust, a container securitization which closed on June 18, 2021. The affirmations follow KBRA’s review, which indicated the performance of the securitization adequately supports the existing ratings. The review used information obtained from the Issuer’s servicer reports through the May 2022 payment date report. Total cash flow available for debt remains in line with KBRA’s initial base case projections, and all classes of notes have received timely interest and scheduled principal since closing.

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Related Publications

• GCI Funding I LLC Series 2020-1 New Issue Report
• GCI Funding I LLC Series 2021-1 New Issue Report
• Container ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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