Pure Grove Funding: Rating Report

DBRS Limited (Morningstar DBRS) confirmed the credit ratings on the Series 1 Asset-Backed Commercial Paper Notes, Class Maple and Class Oak (the Notes) issued by Pure Grove Funding (the Trust) at R-1 (high) (sf) as part of its annual review of publicly rated asset-backed commercial paper (ABCP) conduits. The confirmation is part of Morningstar DBRS' continued effort to provide timely credit rating opinions and increased transparency to market participants.