DBRS Confirms Mountcliff Funding LLC Commercial Paper Rating at R-1 (low) (sf), Discontinues EU Endorsement

DBRS, Inc. (DBRS) confirmed its 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 (20 Gates), which also serves as the Administrator and Sponsor. Global Securitization Services, LLC serves as the Manager and Sub-Administrator. Deutsche Bank Trust Company Americas (rated A (low) with a Negative trend by DBRS) continues to act as the Master Collateral Trustee on behalf of Mountcliff.

The ratings are based on the surveillance review of Mountcliff’s asset portfolios, liquidity support and other considerations to assess the comprehensive risk profiles.

The sources of information used for this rating comprise parties involved in the rating, including but not limited to Mountcliff and 20 Gates. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

As of April 17, 2019, DBRS Ratings Limited will discontinue the endorsement of the 4(2) Commercial Paper rating issued by DBRS, Inc. for use in the European Union based on their potential use in the European Union but not at the specific request of any issuers or investors.

Note:
The principal methodology is Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits, which can be found on dbrs.com under Methodologies & Criteria.

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.

Ratings endorsed by DBRS Ratings Limited for use in the European Union are marked as such on the DBRS website in their respective rating tables. As part of this discontinuation, these markings will be removed from the relevant ratings. However, the language and related statements in previously published press releases will not be changed retroactively and will remain as part of DBRS’s historical record.

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

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