DBRS Confirms Bay Street Funding Trust and King Street Funding Trust at R-1 (high) (sf)

DBRS has today confirmed the Short-Term ABN, Series 1, Class A Notes of Bay Street Funding Trust and the Asset-Backed CP Promissory Notes of King Street Funding Trust at R-1 (high) (sf). The rating confirmation is pursuant to the increase in program limit for Transaction 36 in Bay Street Funding Trust and the inclusion of a new transaction (Transaction 40) in King Street Funding Trust on March 26, 2012.

As part of DBRS’s ongoing efforts to increase transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has also released an updated Transaction Summary report for Transaction 36 in Bay Street Funding Trust and a new Transaction Summary report for Transaction 40 in King Street Funding Trust. These reports provide details of the abovementioned transactions, which consist of a portfolio of conventional and insured residential mortgages originated by a mortgage finance company operating in Canada.

Note:
The applicable methodologies are Canadian RMBS Methodology, Rating Canadian ABCP, Legal Criteria for Canadian Structured Finance and Swap Criteria for Canadian Structured Finance Transactions, which can be found on our website under Methodologies.