DBRS Morningstar Confirms Rating on Hannover Funding Company LLC’s 4(2) Commercial Paper at R-1 (low) (sf)

DBRS, Inc. (DBRS Morningstar) confirmed the rating on Hannover Funding Company LLC’s 4(2) Commercial Paper at R-1 (low) (sf), pursuant to the review of the annual performance data. Hannover Funding Company LLC is an asset-backed commercial paper (ABCP) conduit administered by Norddeutsche Landesbank Girozentrale (NordLB).

The rating confirmation reflects the following key analytical considerations:

-- The support the Liquidity Agreement provides for each transaction within the conduit.
-- The support NordLB provides for the commercial paper investor.
-- The legal construct of the ABCP conduit.
-- The rating of NordLB.

Notes:
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 Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on October 25, 2019, when DBRS Morningstar confirmed the rating on the Liquidity Asset Purchase Agreement (LAPA) - Hannover Funding Company LLC - Series 179 (LAPA - Series 179) at A (high) (sf).

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Matthew La Capra, Senior Vice President, U.S. Structured Credit
Rating Committee Chair: Chris D’Onofrio, Managing Director, Head of U.S. ABS
Initial Rating Date: August 29, 2016

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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