DBRS Confirms R-1 (low) Rating on Mountcliff Funding, LLC’s Commercial Paper

DBRS, Inc. (DBRS) 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 LLC, who also serves as the Administrator and Issuer. Global Securitization Services LLC serves as the Manager and Sub-Administrator. Deutsche Bank Trust Company Americas continues to act as the Master Collateral Trustee on behalf of Mountcliff.

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

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

The principal methodology is Rating and Monitoring Asset-Backed Commercial Paper: U.S ABCP Conduits, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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