DBRS Confirms Bay Street Funding Trust, Short-Term ABN, Series 1, Class A Notes at R-1 (high) (sf)

DBRS has confirmed the Short-Term ABN, Series 1, Class A Notes of Bay Street Funding Trust (the Trust) at R-1 (high) (sf). The rating confirmation is based on the addition of a new transaction (Transaction 38) to the Trust on September 30, 2011.

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 38, which consists of a portfolio of dealer receivables originated by an auto finance company operating in Canada and secured by an underlying pool of new and used vehicle receivables.

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