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

DBRS has today confirmed the Series 1 Asset-Backed Commercial Paper Notes of Plaza Trust (Plaza) at R-1 (high) (sf) following the addition of a new transaction (Transaction 62) to Plaza on July 13, 2012.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has today also released a transaction summary report providing details of Transaction 62, which consists of a portfolio of retail auto lease receivables.

This is the first transaction rated by DBRS pursuant to its new criteria, DBRS Criteria: Rating Canadian ABCP Supported by Full Wrap Liquidity.

DBRS rated this transaction relying upon the sponsor’s liquidity commitment for the benefit of Plaza in an amount not less than the face amount of the related ABCP (which includes any accrued and unpaid interest as well as interest to accrue to maturity) and the sponsor’s current short-term rating by DBRS (which is R-1(high)), without any review of the underlying collateral, as such information is not provided to DBRS. In limited circumstances, additional amounts may be made available by the sponsor to Plaza under the liquidity facility.

Notes:
The applicable methodology is DBRS Criteria: Rating Canadian ABCP Supported by Full Wrap Liquidity, which can be found on our website under Methodologies.