The short-term 'A-1 (sf)' rating assigned to Aquitaine Funding Co. LLC's (Aquitaine) U.S. dollar-denominated standard (non-redeemable) asset-backed commercial paper (ABCP) notes are primarily based upon: The program's legal structure, including Aquitaine's intended bankruptcy-remote status; The global master securities lending agreement (GMSLA) with Societe Generale ('A/A-1'); The hedge agreements in the form of total return swaps (hedge agreements) with counterparties rated at least 'A-1'; The amounts received from the GMSLA and hedge agreements are sufficient to pay the outstanding standard ABCP notes on or before their respective payment dates; ABCP note issuance tests that restrict the amounts to no greater than amounts that can be fully supported by a hedge agreement (or similar instrument) and GMSLA (or similar instrument); and Deutsche
