DBRS Confirms Rating on Liquidity Agreement Supporting Transaction TELF within Mountcliff Funding LLC

DBRS, Inc. (DBRS) has today confirmed the rating of A (low) (sf) on the liquidity instrument, pursuant to the Liquidity Agreement supporting the TELF transaction within Mountcliff Funding LLC. The rating assumes that the TELF-Liquidity Agreement has been invoked and, as such, the liquidity institution is the investor of the notes. The rating addresses the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and Rating Marine Container Securitizations, which can be found on dbrs.com under Methodologies.

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

The rated entity or its related entities did not participate in the rating process. DBRS did not have access to the accounts and other relevant internal documents of the rated entity or its related entities.

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