OREANDA-NEWS. Fitch Ratings has been notified of a proposed collateral manager replacement and appointment of successor collateral manager for Vermeer Funding Ltd./Inc. (Vermmer). On April 24, 2015, Fitch received notice that Rabobank International had resigned from its role as the collateral manager under the Collateral Management Agreement (CMA) and designated Dock Street Capital Management, LLC (DSCM) as the replacement manager. Terms of the proposed replacement CMA have remained almost identical with only minor differences that are not material to the ratings of the transaction.

Vermeer is no longer in its reinvestment period. Given the above, Fitch does not expect the novation to have any impact on the ratings of the notes.

Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when the proposed transfer of asset management responsibilities is completed.

The information used to assess these ratings is from the trustees reports.