DBRS Assigns Rating to Credit Suisse AG Liquidity Instrument Pursuant to MARLF-Liquidity Agreement within Mountcliff Funding, LLC

DBRS, Inc. (DBRS) has assigned a rating of AA (sf) to the Liquidity Instrument pursuant to the Liquidity Agreement dated as of June 29, 2015, by and among Mountcliff Funding, LLC (MCF), a Delaware limited liability company; Credit Suisse AG, Cayman Islands Branch as a Liquidity Institution; and Credit Suisse AG, New York Branch as Agent, supporting the transaction MARLF-Liquidity Agreement within MCF. The rating assumes that the Liquidity Agreement has been invoked and, as such, the Liquidity Institution is the investor of the notes.

The rating addresses the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. & European ABCP Conduits (January 2015) and Rating U.S. Timeshare Loan Securitizations (May 2015), which can be found on our website under Methodologies.

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