GTA Funding LLC ABCP Notes Assigned Ratings

  • GTA Funding LLC (GTA) is a special-purpose vehicle established to issue U.S. dollar-denominated short-term notes that can be issued at a discount or bear interest at a fixed or floating rate.
  • We assigned our 'A-1+ (sf)' short-term ratings to the commercial paper notes: non-index linked (or standard), index linked, callable, puttable, puttable/callable, and extendible notes (notes).
  • The fully supporting program-level liquidity agreement provided by The Toronto-Dominion Bank (TD; AA-/Stable/A-1+) requires TD as liquidity support provider to pay GTA an amount equal to the principal and interest accrued on the outstanding asset-backed commercial paper (ABCP) notes on the respective payment dates.
  • The ratings reflect our view of the program's legal structure, the terms of the master liquidity agreement between TD and GTA, TD as the program administrator and indemnity provider, and certain note issuance tests, among other things.
NEW YORK (S&P Global Ratings) March 27, 2020--S&P Global Ratings today 
assigned its short-term 'A-1+ (sf)' ratings to six short-term U.S. 
dollar-denominated liabilities issued on a continuously offered basis by GTA 
Funding LLC (GTA) (see list). The short-term liabilities are non-index linked, 
index linked, callable, puttable, puttable/callable, and extendible commercial 
paper notes. 

The 'A-1+ (sf)' short-term ratings reflect:

  • Our view of GTA's structure, payment mechanics, and certain note issuance tests;
  • The terms of the master liquidity agreement between TD and GTA;
  • Our ratings on TD as the liquidity and indemnity provider; and
  • The likelihood, in our view, that principal and accrued interest or discount (as applicable), accrued or accreted up to any extended maturity date will be paid if the noteholder exercises its extension option; and
  • The likelihood, in our view, that principal and accrued interest or discount (as applicable), accrued or accreted up to the stated maturity date, will be paid if the noteholder does not exercise its extension option.
Frequently Asked Questions Q:What is the credit rating id for this company?
A:6915195215779268150
Q:What is the credit rating date for this company?
A:Friday, March 27, 2020
Q:What is the AI credit rating?
A:AI credit rating is an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit machine learning forecast of the likelihood of the debtor defaulting.
Q:What is the AI credit rating scale?
A:AI rating scale, which ranges from a maximum Aaa to a minimum C, consists of 21 notches and two categories: Investment category for the financially sound companies and Speculative category for the companies with a higher risk of defaulting.
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