DBRS Confirms Rating on Liquidity Asset Purchase Agreement Supporting Hannover Funding Company LLC’s Series 179

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’s - Series 179, pursuant to the Liquidity Asset Purchase Agreement Transaction Supplement, dated as of October 20, 2014 (LAPA - Hannover Funding Company LLC - Series 179 or LAPA - Series 179).

LAPA - Series 179 is a Liquidity Instrument for Hannover Funding Company LLC, an asset-backed commercial paper amenity conduit administered by Nordeutsche Landesbank Girozentrale.

LAPA - Series 179 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 rating on the Liquidity Instrument addresses the timely payment of interest and ultimate payment 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.