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

DBRS, Inc. (DBRS) confirmed the rating AA (sf) on the liquidity instrument, pursuant to the Liquidity Agreement supporting the MARLF transaction within Mountcliff Funding LLC. The rating assumes that the 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 the Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and DBRS Master U.S. ABS Surveillance Methodology, 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.

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