DBRS Confirms Ratings on Variable Funding Notes of BFS Funding I Limited

DBRS, Inc. (DBRS) has today confirmed the ratings of AA (sf) to the three Variable Funding Notes issued by BFS Funding I Limited (the Issuer).

This transaction is multi-currency and is backed by trade receivables that were reviewed for their ability to perform within certain thresholds for loss reserves, carrying costs and dilution, as well as other factors specific to the trade receivables portfolio.

The ratings address the ultimate distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
The applicable 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.

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.