Summary: Eclipse Funding LLC; Custodial Receipts; Joint Criteria Jan 13

Standard & Poors, January 2013

Abstract
Standard & Poor's Ratings Services confirmed its ratings on various Eclipse Funding LLC's custodial receipts, due to the extension of the bank facility to Jan. 30, 2014. The long-term and short-term components of the rating are based on the rating on the letter of credit provider, U.S. Bank N.A. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. There is no Standard & Poor's 17g-7 Disclosure Report included in this credit rating report...

Companies mentioned in this report are:
- Eclipse Funding, LLC

Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Eclipse Funding, LLC

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