The short-term 'A-1 (sf)' rating assigned to Britannia Funding Co. LLC's (Britannia) U.S. dollar-denominated standard (nonredeemable) asset-backed commercial paper (ABCP) notes reflect: The program's legal structure, including Britannia's intended bankruptcy-remote status; The global master securities lending agreement (GMSLA) and master repurchase agreement (MRA) with Barclays Bank PLC.