DBRS Confirms CIT Canada Equipment Receivables Trust II, Series 2009-1 at AAA (sf)

DBRS has today confirmed the rating of the Series 2009-1, Class A-2 Notes of CIT Canada Equipment Receivables Trust II, Series 2009-1 at AAA (sf).

This rating confirmation is based on an analysis of the performance of the portfolio to date. While the underlying pool of assets has been under pressure from the outset of the transaction due to the challenging economic conditions, the credit enhancement continues to provide sufficient protection to the Series 2009-1, Class A-2 Notes to warrant the AAA rating.

DBRS is committed to confirming the ratings of publicly rated asset-backed securities (ABS) transactions on an annual basis as part of the continuing effort to provide market participants with timely and transparent updates. The ratings of other publicly rated ABS notes will be confirmed throughout the year.

Note:
The applicable methodology is Rating Canadian Equipment Finance Securitization, which is available on our website under Methodologies.