DBRS Confirms Merit Trust at R-1 (high) (sf)

DBRS has confirmed the Senior Short-Term Asset-Backed Notes of Merit Trust at R-1 (high) (sf). The rating confirmation is based on amendments, including an increase in the commitment limit to $650 million made to a current transaction (Transaction 40) on April 15, 2012.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has today released a transaction summary report providing details of Transaction 40, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used cars and light trucks originated by an auto finance company in Canada.

Notes:
The applicable methodologies are Rating Canadian Auto Loan Securitization, 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.