DBRS Withdraws All Ratings of Maple NHA Mortgage Trust

DBRS has today withdrawn the Asset-Backed Senior Medium-Term Notes and the Subordinated Debentures ratings of Maple NHA Mortgage Trust (the Trust).

The ratings were first placed Under Review with Developing Implications on May 1, 2008, to reflect the uncertainty of resolution regarding the full repayment of the medium-term notes and the subordinated debentures (collectively, the Notes) on their respective maturity dates as the maturities of the underlying assets and the Notes were not entirely matched and the structure of the Trust did not provide for the accumulation of collections prior to the maturity dates or turning the Notes into amortizing notes if not fully repaid on their respective maturity dates.

On September 5, 2008, DBRS maintained the ratings Under Review with Developing Implications when DBRS informed Maple Mortgage Trust Advisors, the administrator of the Trust, of the requirement to meet the criteria for a conduit sponsor (please see the link below to the January 26, 2006, commentary “Commentary on Criteria to Establish a Canadian Asset-Backed Commercial Paper Conduit” for further details) by December 31, 2008.

While the underlying assets of insured mortgages continue to perform well and are supported by appropriate credit protection, no resolution has been reached with respect to the maturity matching of underlying assets and the Notes nor have the conduit sponsor criteria mentioned above been met. Hence, DBRS is unable to resolve the Under Review with Developing Implications status and is therefore withdrawing the current ratings.

Notes:
The applicable methodology is Canadian RMBS Methodology, which can be found on our website under Methodologies.

This is a Structured Finance rating.