DBRS Publishes Updated Legal Criteria for Canadian Structured Finance

DBRS has today published an updated Legal Criteria for Canadian Structured Finance.

DBRS first released its comprehensive Legal Criteria for Canadian Structured Finance in May 2007, to provide greater transparency to the ratings process by outlining the legal criteria that DBRS applies when rating a structured finance transaction.

DBRS reviews market, legislative and case law developments on an ongoing basis to ensure that its policies and criteria remain relevant. Today’s publication of updated legal criteria reflects this commitment. Developments since May 2007 addressed in the update include:

-- Amendments to the Ontario Personal Property Security Act that came into force on August 1, 2007, in regard to anti-assignment clauses in receivables contracts, and;
-- The adoption by DBRS in September 2007 of the Global Liquidity Standard for Canadian asset-backed commercial paper.