DBRS Correction: Darwin Receivables Trust Confirmed at R-1 (high) (sf)

In the DBRS press release published on October 18, 2010, Darwin Receivables Trust was incorrectly identified as a multi-seller, multi asset conduit rather than as a single-seller, single-asset conduit. The corrected press release appears below.

As part of its annual review of publicly rated asset-backed commercial paper (ABCP) conduits, DBRS has today confirmed the rating of the Senior Short-Term Asset-Backed Notes (the Notes) issued by Darwin Receivables Trust (the Trust) at R-1 (high) (sf).

The Trust is a single-seller, single-asset securitization conduit administered by TD Securities Inc. (TDSI). There are no restrictions concerning asset types, but each asset purchase supporting the Notes is subject to the approval of DBRS and TDSI.

The rating confirmation is based on the following considerations:

(1) High credit enhancement levels consistent with similarly rated programs in Canada.

(2) Good performance of underlying collateral.

(3) The liquidity facilities meet DBRS’s Global Liquidity Standard (GLS) and are available to assist the Trust in repaying the Notes if the Trust is not able to issue new Notes to do so.

(4) A required minimum credit rating of AA (low) or R-1 (middle) or their equivalent for Liquidity Providers and Credit Enhancers and A (high) or R-1 (middle) or their equivalent for Hedge Counterparties unless otherwise approved by DBRS.

(5) All transactions are reviewed by DBRS prior to funding by the program.

(6) The significant experience of TDSI in structuring, administering and managing single-asset, single-seller securitization programs.

As of June 30, 2010, the program amount of the Trust was $3.6 billion, with assets consisting entirely of secured lines of credit.

The Trust is one of six publicly rated conduits administered by TDSI, with aggregate outstanding amounts of $10.4 billion and US$854 million as of June 30, 2010.

DBRS is committed to confirming the ratings of publicly rated ABCP conduits 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 ABCP notes will be confirmed throughout the year.

Note:
All figures in Canadian dollars unless otherwise noted.

The applicable methodologies are Rating Canadian ABCP and Legal Criteria for Canadian Structured Finance, which are available on our website under Methodologies.