DBRS Confirms King Street Funding Trust at R-1 (high)

DBRS has today confirmed the Asset-Backed CP Promissory Notes (the Notes) of King Street Funding Trust (the Trust) at R-1 (high). The rating confirmation is based on the addition of a new transaction (Transaction 31) to the Trust on May 28, 2010.

As part of DBRS’s ongoing efforts to increase the transparency of reporting surrounding asset-backed commercial paper conduit activity, DBRS has today released a transaction summary report providing details of Transaction 31, which consists of a secured interest in a co-ownership interest in a portfolio of dealer receivables originated by an auto finance company operating in Canada and supported by an underlying pool of new- and used used-vehicle receivables.

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

This is a Structured Finance rating.