DBRS Withdraws Superior Trust Series D Notes Provisional Rating

DBRS has today withdrawn the provisional rating of AAA assigned to the Series D Floating-Rate Medium Term Notes (the Series D Notes) to be issued by Superior Trust (the Trust) in connection with a restructuring of the Series B notes of the Trust that are currently outstanding (the Series B Notes). The reason for the withdrawal of the provisional rating is due to a material change in the portfolio of assets backing the Series D Notes. More specifically, recent credit events have occurred in relation to one of the reference entities that will be included in the credit default swap that will back the Series D Notes, which would have resulted in a downgrade of the Series D Notes had they been issued. As such, DBRS has today withdrawn the provisional rating assigned to the Series D Notes on Monday, December 8, 2008. DBRS intends to assign a new rating on the Series D Notes based on current information and DBRS’s Rating Canadian Structured Credit Transactions methodology.

Notes:
The applicable methodology is Rating Canadian Structured Credit Transactions, which can be found on our website under Methodologies.
This is a Structured Finance rating.