DBRS Confirms CoRe Trust at R-1 (high)

DBRS has confirmed the Short-Term Asset-Backed Commercial Paper (the Notes) rating of CoRe Trust (the Trust) at R-1 (high).

The Trust is a multi-seller, multi-asset securitization conduit administered by TD Securities Inc. (TD). There are no restrictions concerning asset types, but each asset purchase supporting the Notes is subject to the approval of DBRS and TD.

The rating confirmation is based on the following considerations:

(1) Credit enhancement levels consistent with similarly rated programs in Canada.

(2) The availability of liquidity facilities for the Notes in the event of a general market disruption subject to certain other preconditions for funding.

(3) A required minimum credit rating of R-1 (middle) or its equivalent for Liquidity Providers, Credit Enhancers and Hedge Counterparties unless otherwise approved by DBRS.

(4) All transactions are reviewed by DBRS prior to initial funding by the Trust.

(5) The Securitization Agent has significant experience in the structuring of securitization transactions and administration of securitization vehicles.

As of November 30, 2006, the program amount of the Trust was $1,457 million with assets mainly consisting of 37% auto loans/leases, 33% equipment loans/leases and 26% residential mortgages.

CoRe Trust is one of six commercial paper conduits administered by TD with aggregate outstanding amounts of $14,971 million as of November 30, 2006.

Note:
All figures are in Canadian dollars unless otherwise noted.