DBRS Assigns R-1 (middle) (sf) Rating to Financial Institutions Funding LLC – Commercial Paper

DBRS has assigned a rating of R-1 (middle) (sf) to the 4(2) Commercial Paper issued by Financial Institutions Funding LLC.

Financial Institutions Funding LLC is a special-purpose, bankruptcy-remote, commercial paper conduit that is organized in Delaware. Under Financial Institutions Funding LLCs’ program documents, Deutsche Bank Trust Company Americas (“DBTCA”) has agreed to act as an agent of Financial Institutions Funding LLC, as the program manager and administrator.

Financial Institutions Funding LLC has flexibility with respect to the types of transactions that can be funded through the issuance of its Commercial Paper. However, the contemplated transactions, at present, fit within a defined structure. All of the contemplated transactions are required to be fully supported by the counterparty through a Liquidity Agreement. Consequently, DBRS will rely on the strength of the counterparty to pay Commercial Paper in whole and on time.

DBRS will substantially rely on the transaction-by-transaction review for Financial Institutions Funding LLC. Each transaction will be considered on the basis of its own merit on the transaction level and considered within the context of Financial Institutions Funding LLC’s entire portfolio to determine if the rating is commensurate with R-1 (middle) (sf).

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

The sources of information used for this rating include parties involved in the rating, including but not limited to Hudson Castle Group Inc. and DBTCA. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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