DBRS Confirms R-1 (middle) Rating on Mountcliff Funding, LLC – Commercial Paper

DBRS, Inc. (DBRS) has today confirmed the rating of R-1 (middle) (sf) on the 4(2) Commercial Paper issued by Mountcliff Funding, LLC sponsored by the 20 Gates Management.

Mountcliff Funding, LLC (Mountcliff), a fully supported, multiseller conduit sponsored by 20 Gates
Management LLC has amended its program documents to appoint State Street Bank and Trust Company as Custodian. Deutsche Bank Trust Company Americas continues to be the Administrator, Program Manager and Master Collateral Trustee on behalf of Mountcliff.

The sources of information used for this rating include parties involved in the rating, including, but not limited to, 20 Gates Management. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

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

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

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