DBRS Publishes Criteria on Rating Canadian ABCP Supported by Full Wrap Liquidity

DBRS has today published the criteria that outline its approach to assigning a rating or taking rating action on a series of Canadian asset-backed commercial paper (ABCP) in circumstances where a proposed ABCP transaction is not structured in a way consistent with the typical elements contemplated under DBRS’s Rating Canadian ABCP methodology. With this new approach, DBRS may rate Canadian ABCP (or one or more underlying structured finance transactions) upon reliance on a form of full wrap liquidity that incorporates the elements set out in the criteria (Eligible Full Wrap Liquidity) and the short-term rating (by DBRS) of the entity that provides the Eligible Full Wrap Liquidity.

The publication providing DBRS's processes and criteria is available by contacting us at info@dbrs.com.