DBRS Confirms and Discontinues Ratings on Liquidity Agreement Supporting Pool Numbers 324 and 362 within Thunder Bay Funding, LLC

DBRS, Inc. (DBRS) confirmed and subsequently discontinued and withdrew the AA (sf) rating on the Amended and Restated Liquidity Asset Purchase Agreement (the LAPA), dated as of November 10, 2016, by and among Thunder Bay Funding, LLC, a Delaware limited liability company, as Issuer and the Royal Bank of Canada (rated AA (high) with a Stable trend by DBRS) as Purchaser, Liquidity Agent and Agent. The rating on the LAPA will support Thunder Bay Funding, LLC.

DBRS also confirmed and subsequently discontinued withdrew the AAA (sf) rating on the Liquidity Asset Purchase Agreement Supporting Pool Number 362, dated as of May 9, 2018, by and among Thunder Bay Funding, LLC as Issuer, and Royal Bank of Canada (rated AA with a Positive trend by DBRS) as Purchaser, Liquidity Agent and Agent.

The ratings were based on DBRS’s review of the following analytical considerations:

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodologies are Rating and Monitoring Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

This rating was initiated at the request of the rated entity.

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.

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