DBRS Finalizes Commercial Paper Rating on Hannover Funding Company, LLC

DBRS, Inc. (DBRS) has today finalized the provisional rating of R-1 (low) (sf) on the 4(2) Commercial Paper (CP) issued by Hannover Funding Company LLC (HFC). This Asset-Backed Commercial Paper (ABCP) conduit is sponsored by Norddeutsche Landesbank Girozentrale (Nord LB).

HFC is a special-purpose, bankruptcy-remote, multi-seller, CP conduit that is organized in Delaware. HFC can issue USD, EURO and Sterling CP from the single-source entity. Nord LB provides full credit and liquidity support through a master liquidity asset purchase agreement (Master LAPA). As such, the rating on the CP conduit is commensurate with DBRS’s view of the financial condition of the bank.

HFC will be a post-review conduit. DBRS will rely on the required Master LAPA that absorbs credit risk for all the transactions and therefore will not review the collateral underlying acquired pools.

The sources of information used for this rating are Nord LB and HFC. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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

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

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.