DBRS Confirms PURE Trust at R-1 (high)

DBRS has today confirmed the rating of PURE Trust’s (the Trust) Asset-Backed Commercial Paper Notes (the Notes) 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) Credit enhancement levels (including cross-collateralized program-wide credit enhancement provided by RBC equal to 10% of the Notes) often exceed the required levels for similarly rated programs in Canada.

(2) Availability of liquidity facilities for the Notes that are not restricted to a general market disruption and can be drawn at any time (other than in the insolvency of the Trust).

(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 significant experience of RBC in the structuring of securitization transactions and administration of securitization vehicles.

As of October 31, 2006, the program amount of the Trust was $2,676 million, with assets consisting mainly of 42% auto loans and leases, 28% trade receivables and 12% residential mortgages. The Trust is one of three multi-seller conduits administered by RBC with aggregate outstanding amounts of $7,631 million as of October 31, 2006.

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