The 'A-1 (sf)' ratings assigned to (and confirmed on) the U.S. dollar-denominated short-term standard, callable, puttable, and puttable/callable asset-backed commercial paper (ABCP) notes issued on a continuously offered basis by Concord Minutemen Capital Co. LLC primarily reflect: Our view of the program's legal structure; Our view of the credit quality of the counterparties (rated at least 'A-1') that currently provide, or will provide, financial support to the notes for the respective series; and Certain note issuance tests.