DBRS Confirms R-1 (low) (sf) Rating on Mountcliff Funding LLC – Commercial Paper

DBRS, Inc. (DBRS) has today confirmed the rating of R-1 (low) (sf) on the 4(2) Commercial Paper notes issued by Mountcliff Funding LLC (Mountcliff). Mountcliff, a fully supported, multi-seller conduit, is sponsored by 20 Gates Management. State Street Bank and Trust Company (rated AA with a Stable trend by DBRS) continues to act as Custodian on behalf of Mountcliff, and Deutsche Bank Trust Company Americas (rated A (low) with a Stable trend by DBRS) continues to act as the Administrator, Program Manager and Master Collateral Trustee on behalf of Mountcliff.

The rating is based upon the surveillance review of Mountcliff’s asset portfolios and 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 and 20 Gates Management. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

Notes:
The principal methodology is Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, which can be found on dbrs.com under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.