DBRS Confirms Ratings on Variable Funding Notes of BFS Funding I Limited

DBRS, Inc. (DBRS) confirmed its ratings of AA (sf) on the Euro Variable Funding Note, Sterling Variable Funding Note and U.S. Dollar Variable Funding Note issued by BFS Funding I Limited (the Issuer).

This transaction is multi-currency and is backed by trade receivables that were reviewed for their ability to perform within certain thresholds for loss reserves, carrying costs and dilution as well as other factors specific to the trade receivables portfolio.

The ratings address the ultimate distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
The principal methodology is Trade Receivables, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.