The short-term 'A-1+ (sf)' ratings assigned to Paradelle Funding LLC's (Paradelle) U.S. dollar-denominated standard, callable, puttable, puttable/callable, and extendible asset-backed commercial paper (ABCP) notes reflect: The program's legal structure, including Paradelle's intended bankruptcy-remote status; The full credit and liquidity support provided by the loan agreements; Certain note issuance tests; and The experience and ability of The Toronto-Dominion Bank as program administrator to carry out day-to-day operational services to the program, managing maturities of notes, and monitoring support providers' repayment of loans under the loan agreements to pay notes on a timely basis. The credit quality of the underlying assets is not material to our rating analysis, and so generally there are no material environmental, social, and governance (ESG) credit factors