DBRS Confirms Liquidity Agreement Supporting Transaction GAF within Mountcliff Funding LLC

DBRS, Inc. (DBRS) has today confirmed the rating of AA (sf) on the liquidity instrument, pursuant to the Liquidity Agreement supporting the GAF transaction within Mouncliff Funding LLC. 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:
The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits (May 2015) and DBRS Master U.S. ABS Surveillance Methodology (March 2016), which can be found on our website under Methodologies.

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