DBRS Maintains Maple NHA Mortgage Trust’s Long-Term Ratings Under Review with Developing Implications

DBRS has today maintained the Asset-Backed Senior Medium-Term Notes and the Subordinated Debentures (collectively, the Notes) issued by Maple NHA Mortgage Trust (the Trust) Under Review with Developing Implications. This reflects the ongoing negotiation and restructuring of funding arrangements for the Trust and the maturity mismatch of underlying assets and the Notes. DBRS has been informed that the notes with a scheduled maturity on September 5, 2008 (September 2008 Notes) have been repaid in part with the remaining balance of the September 2008 Notes being extended for up to four weeks. DBRS stated in a press release dated May 1, 2008, that if timely resolution of these negotiations is not achieved, the ratings of the Notes may be subject to further rating actions.

Furthermore, DBRS has informed Maple Mortgage Trust Advisors, the administrator of the Trust, of the requirement to meet the criteria for a conduit sponsor sponsor (please see the link below to the January 26, 2006, press release “DBRS Releases Criteria for New ABCP Conduit Sponsors” for further details) by December 31, 2008. Failure to meet the criteria on or before December 31, 2008, may also result in the ratings of the Notes being subject to further rating actions. No new assets will be allowed to be added to the Trust until the above sponsor criteria is met and the Trust is restructured to address several issues, including the maturity mismatch of assets and liabilities.

The underlying assets are single or multi-family residential mortgages and congregate care facilities and are insured by Canada Mortgage & Housing Corp. The Under Review with Developing Implications status does not reflect the credit quality of the underlying assets or the credit protection available.