DBRS Places Ratings of CFI Trust Under Review with Negative Implications

DBRS has today placed the ratings of all of the term notes (the Notes) issued by CFI Trust (the Trust) Under Review with Negative Implications. This rating action is being taken due to non-compliance with the Trust’s program documents, as well a lack of sufficient, timely and updated information being provided to DBRS that is necessary to maintain the ratings of the Notes.

The Notes are backed by retail and small fleet leases and loans related to automobiles, minivans, SUVs and light duty trucks. Based on information received by DBRS from CFI Leasing Limited as the administrative agent of CFI Trust, the credit quality of the underlying assets remains within expected performance levels and the credit enhancement available to support the Notes issued prior to May 2010.

DBRS will continue to monitor the situation. Unless the above issues are resolved to the satisfaction of DBRS in a timely manner, DBRS may not be in a position to continue rating the Notes.

Notes:
The applicable methodology is Rating Canadian Auto Lease Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.