DBRS Confirms Commercial Paper Rating of Hannover Funding Company LLC at R-1 (low) (sf)

DBRS, Inc. (DBRS) confirmed the rating of R-1 (low) (sf) on the 4(2) Commercial Paper (CP) issued by Hannover Funding Company LLC (HFC). This asset-backed CP 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 CP in U.S. dollars, euros and British pounds sterling 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 is 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 the 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 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.

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.

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