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

DBRS, Inc. (DBRS) has today assigned a rating of A (low) (sf) to the Liquidity Instrument pursuant to the Liquidity Agreement dated as of June 30, 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 TELF-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 transaction documentation contemplates interest rate counterparties with long-term ratings of A (low) (or nationally recognized statistical rating organization equivalents). While this differs from published expected rating levels, DBRS believes this to be consistent with the rating being assigned.

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

Notes:
The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and Rating Marine Container Securitizations, which can be found on our website under Methodologies.

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