Riftstone Trust Series 2016-8 TMCC Certificates Assigned Rating

Stocks and Financial Services Press Releases Wednesday March 8, 2017 08:50
--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings today assignedits 'AA-' rating to Riftstone Trust Series 2016-8 TMCC (the trust's) $25million trust certificates series 2016-8 TMCC due April 10, 2018.

The 'AA-' rating assigned to Riftstone Trust Series 2016-8 TMCC's (thetrust's) $25 million trust certificates series 2016-8 TMCC due April 10, 2018,reflects our opinion of the likelihood that the trust will have sufficientassets to pay timely interest and principal when due on the certificates.

These assets include the underlying securities, which comprise either thefloating-rate diversity and inclusion medium-term notes series B, due April 6,2018, issued by Toyota Motor Credit Corp.('AA-'; TMCC notes) or U.S. Treasuryseparate trading of registered interest and principal securities (STRIPS) dueMarch 31, 2018 ('AA+'). The STRIPS could replace the TMCC notes at the optionof Wells Fargo Bank N.A. (AA-/Negative/A-1+) upon an additional terminationevent described in the option agreement's schedule, which Wells Fargo BankN.A. entered into with the trust.

Our rating on the certificates depends on the lower of our ratings on theunderlying securities and our long-term issuer credit rating on the optionagreement counterparty, Wells Fargo Bank N.A. Based on our analysis, webelieve the trust's assets support the full and timely payment of allobligations on the certificates except in certain circumstances as describedin the Structural Review section below.

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