DBRS Reviews Ratings of ABCP-Funded GMAC Canada Floorplan Transactions

DBRS says it will review the ratings of GMAC Canada Limited (GMAC Canada or the Company) asset-backed commercial paper (ABCP) funded floorplan transactions. The review follows the announcement by General Motors Corporation (GM) that it has filed for Chapter 11 bankruptcy protection in the United States.

The bankruptcy filing by GM does not constitute an early amortization event for any of the transactions under the GMAC Canada legal documents.

While the bankruptcy filing was accompanied by announcements regarding the availability of funding through the bankruptcy proceedings, DBRS has not had the opportunity to review the nature of this funding and assess the impact on the Canadian dealer network and the associated performance of the dealer floorplan loans financed by the Company.

Additionally, DBRS will incorporate the anticipated impact on the transactions of the previously announced dealer network rationalization of approximately 250 GM dealers in Canada. Upon completion of its review, DBRS will provide further commentary and direction on the impact on GMAC Canada-sponsored floorplan transactions.

Note:

The applicable methodology is Canadian Wholesale Floorplan Methodology, which can be found on our website under Methodologies.

This is a Structured Finance rating.