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

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

Mountcliff Funding LLC is a special-purpose, bankruptcy-remote, commercial paper conduit that is organized in Delaware. Under Mountcliff Funding LLC’s program documents, Deutsche Bank Trust Company Americas has agreed to act as Mountcliff Funding LLC’s program manager and administrator. Additionally, Deutsche Bank Trust Company Americas has appointed 20 Gates Management LLC as Referral Agent to source transactions and assist Deutsche Bank Trust Company Americas with certain other duties. Such appointment will not relieve Deutsche Bank Trust Company Americas of any of its duties.

Mountcliff 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 Support Agreement which could take the form of a repurchase agreement, a total rate of return swap or other similar agreements. 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 Mountcliff Funding LLC. Each transaction will be considered on the basis of its own merit on the transaction level and considered within the context of Mountcliff 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 20 Gates Management LLC. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.