DBRS Morningstar Confirms MARLF-Liquidity Agreement within Mountcliff Funding LLC at AA (sf)

DBRS, Inc. (DBRS Morningstar) confirmed the rating on MARLF-Liquidity Agreement within Mountcliff Funding LLC, pursuant to the review of the annual performance data, at AA (sf).

MARLF-Liquidity Agreement is a Liquidity Instrument provided by Credit Suisse AG to Mountcliff Funding LLC, an asset-backed commercial paper conduit administered by 20 Gates Management LLC.

The rating rationale for the confirmation includes the following key analytical considerations:

-- The support the Liquidity Agreement provides to the underlying transaction.
-- The underlying Timeshare Loans are performing within expectations.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits and Rating U.S. Timeshare Loan Securitizations, 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.

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