DBRS Confirms Hannover Funding Company LLC Series 179 Liquidity Asset Purchase Agreement at AA (low)

DBRS, Inc. (DBRS) has today confirmed the rating of AA (low) (sf) on the Liquidity Instrument pursuant to the Liquidity Asset Purchase Agreement for Hannover Funding Company LLC – Series 179, and the Liquidity Asset Purchase Agreement Transaction Supplement executed as of October 20, 2014 (LAPA – Series 179).

LAPA – Series 179 is a Liquidity Instrument for Hannover Funding Company LLC, an ABCP conduit administered by Nordeutsche Landesbank Griozentrale. LAPA – Series 179 is backed by trade receivables that were reviewed for their ability to perform within certain thresholds for loss reserves and carrying costs and dilution, as well as other factors specific to the trade receivables portfolio. The rating addresses the timely payment of interest and ultimate payment of principal.

Notes:
The principal methodology is Trade Receivables, which can be found on our website under Methodologies.

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

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