DBRS Downgrades Commercial Paper Rating on Mountcliff Funding LLC

DBRS, Inc. (DBRS) has downgraded the rating of the 4(2) Commercial Paper notes (CP) issued by Mountcliff Funding LLC (Mountcliff Funding) from R-1 (middle) (sf) to R-1 (low) (sf). This CP is sponsored by 20 Gates Management LLC (20 Gates Management).

This rating action reflects the amendments executed on April 5, 2016, by Mountcliff Funding of its program documents allowing supporting institutions to be rated R-1 (low) or higher.

The ratings are based upon the surveillance review of the Mountcliff Funding LLC’s asset portfolios, liquidity support and other considerations in order to assess the comprehensive risk profiles.

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

Notes:
The applicable methodology is the Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, which can be found on our website under Methodologies.