DBRS Assigns R-1(low) (sf) Rating to the Three Pillars Funding LLC – Commercial Paper

DBRS has today assigned a rating of R-1(low) (sf) to the 4(2) Commercial Paper issued by Three Pillars Funding LLC, a Delaware Limited Liability Company, sponsored by SunTrust Bank.

Three Pillars Funding LLC is a special-purpose, bankruptcy-remote, commercial paper conduit that is organized in Delaware and managed by Amacar Group, LLC. SunTrust Robinson Humphrey Inc. is the Program Administrator.

The sole purpose of Three Pillars Funding LLC is to purchase, or make loans secured by interests in receivable pools and issue Commercial Paper to finance them. SunTrust Bank provides individual liquidity facilities for each transaction funded through Three Pillars Funding LLC, as well as, program wide credit enhancement (PWCE) in the form of a letter of credit supporting the conduit.

Three Pillars Funding LLC benefit from two levels of credit enhancement: transaction-specific and PWCE. The transaction-specific credit enhancement is specifically earmarked for each transaction, whereas the PWCE is fungible across all deals.

The applicable public methodology is the Asset-Backed Commercial Paper Criteria Report: U.S. & European ABCP Conduits, which can be found on our website under Methodology.

Note:
All figures are in U.S. dollars unless otherwise noted.