DBRS Morningstar Confirms Rating on Liquidity Asset Purchase Agreement Supporting Hannover Funding Company LLC Series 179 at A (high) (sf)

DBRS, Inc. (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), pursuant to the review of the annual performance data. LAPA - Series 179 is a Liquidity Instrument for Hannover Funding Company LLC, an asset-backed commercial paper conduit administered by Norddeutsche Landesbank Girozentrale.

The rating confirmation reflects the following key analytical considerations:

-- The support the LAPA provides the transaction.
-- The underlying Trade Receivables are performing as expected.
-- The structure of the transaction remains unchanged since the last review and remains consistent with DBRS Morningstar’s “Trade Receivables” methodology.

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 Trade Receivables, 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:

Each of the principal asset class methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, the principal methodology applied to this rating for analytical considerations is Trade Receivables which is the underlying asset. The Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits methodology permits reliance on the analysis of the underlying asset class.

The last rating action on this transaction took place on October 29, 2018, when DBRS Morningstar downgraded the rating on LAPA - Series 179 to 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: Jerry van Koolbergen, Managing Director, Head of U.S. Structured Credit
Initial Rating Date: December 24, 2014

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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