DBRS Assigns Final Ratings to Master Asset Vehicle III Tracking Notes

DBRS has today assigned final ratings to six classes of Tracking Notes (the Notes) to be issued by Master Asset Vehicle III (MAVIII). The classes of Notes rated are Class 5A, Class 7A, Class 10A, Class 12A, Class 15A and Class 16A.

MAVIII has been created in accordance with the restructuring plan filed in the Ontario Superior Court on March 17, 2008, with regard to the Affected Trusts under the Montréal Accord. The Notes are a product of a restructuring first announced on August 16, 2007, undertaken by the Pan-Canadian Investors Committee with regard to Canadian third-party asset-backed commercial paper (ABCP). For more information on the Montréal Accord and developments in the Canadian ABCP market since August 2007, please see www.dbrs.com.

The ratings for the Notes are based on the following considerations:

(1) The credit strength of the transactions underlying each class of Notes.

(2) The Notes benefit from subordination provided by Class 5B, Class 7B, Class 10B, Class 12B, Class 15B and Class 16B notes, respectively, issued by MAVIII.

(3) With regard to the Class 16A Notes, the rating is based on the credit strength of applicable swap counterparties and/or participating provinces and/or territories.

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

The applicable methodologies are CMBS Rating Methodology, CMBS Surveillance, Canadian RMBS Methodology and Rating Canadian Auto Lease Transactions, all of which can be found on our website under Methodologies.

This is a Structured Finance rating.