DBRS Confirms PURE Trust at R-1 (high)

Dominion Bond Rating Service (“DBRS”) has today confirmed the rating of PURE Trust (the “Trust”) at R-1 (high).

The Trust is a multi-seller, multi-asset securitization conduit administered by Royal Bank of Canada (“RBC”). There are no restrictions concerning asset types, but each asset purchase supporting the Notes is subject to prior review by DBRS and RBC.

The rating confirmation for the Trust is based on the following considerations:
(1) High credit enhancement levels, including program level credit enhancement equal to 10% of outstanding Notes provided by RBC, which often results in total enhancement exceeding that required of similarly rated multi-seller, multi-asset securitization programs in Canada;
(2) Committed liquidity facilities for 102% of outstanding Notes are available at any time and not restricted to the occurrence of a “market disruption” event;
(3) Good performance of underlying collateral;
(4) All transactions are reviewed by DBRS prior to funding by the program; and
(5) The significant experience of RBC in the structuring, administering, and managing of multi-asset, multi-seller securitization programs.

As of September 30, 2005, the program amount of the Trust was Cdn$2,317 million with assets consisting mainly of 55% auto loans and leases, 29% trade receivables, and 8% credit card receivables. The Trust is one of three multi-seller conduits administered by RBC with aggregate outstanding amounts of Cdn$7,997 million as of September 30, 2005.