DBRS Discontinues Rating on Superior Trust Series B Floating-Rate Notes

DBRS has today discontinued the ratings on the Series B Floating-Rate Notes (the Series B Notes) issued by Superior Trust (the Trust).

In a press release dated December 19, 2008, DBRS finalized the provisional ratings of AA for each of the new Series D Floating-Rate Medium Term Notes (the Series D Notes) and the Series E Floating-Rate Medium Term Notes (the Series E Notes) issued by the Trust in exchange for existing Series B Notes at the option of the Series B Noteholders and pursuant to the terms of a Series B Restructuring Letter Agreement dated December 4, 2008 (the Restructuring).

The terms of the Restructuring were that any Series B Notes exchanged for newly issued Series D Notes or Series E Notes would be deemed to have been repaid in full and cancelled. DBRS has been advised by Merrill Lynch Canada Inc., as financial services agent to the Trust, that all Series B Noteholders have exchanged their Series B Notes for either Series D Notes or Series E Notes under the Restructuring, and therefore there are no Series B Notes outstanding. As a result, the ratings on the Series B Notes are being discontinued.

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.