DBRS Confirms AA (high) (sf) Rating of Master Asset Vehicle III Class 12A Notes

DBRS has today confirmed the AA (high) (sf) rating of the Class 12A Notes (the Notes) issued by Master Asset Vehicle III (MAVIII).

MAVIII was created as part of the restructuring of certain Canadian third-party asset-backed commercial paper trusts under the Montréal Accord. The assets securing the Notes (the Collateral) previously secured the Series F floating-rate notes issued by Gemini Trust.

In the previous press release published on September 7, 2010, DBRS stated that there were several outstanding issues with QSPE-XCD Trust, one of the underlying transactions, which could negatively affect its credit quality

The aforementioned issues have now been resolved. Based on the outcome of the QSPE-XCD issues, together with the subordination provided by the Class 12B Notes, which has increased from 6.0% to 13.0% since January 21, 2009, DBRS determined that it is sufficient to maintain the AA (high) (sf) rating on the Notes.

Note:
The applicable methodologies are Rating Canadian Structured Credit Transactions, Canadian Structured Credit Surveillance, CMBS Rating Methodology, CMBS Global Surveillance and Canadian RMBS Methodology, which can be found on our website under Methodologies.