DBRS Confirms AA (high) (sf) Rating of Master Asset Vehicle III Class 12A Notes

DBRS has today confirmed the AA (high) (sf) rating of the Class 12A Notes (the Notes) issued by Master Asset Vehicle III (MAVIII).

MAVIII was created as part of the restructuring of certain Canadian third-party asset-backed commercial paper trusts under the Montréal Accord. The assets securing the Notes (the Collateral) previously secured the Series F floating-rate notes issued by Gemini Trust.

On September 23, 2011, DBRS confirmed the rating of the Notes at AA (high). Since the last rating confirmation, the subordination provided by the Class 12B Notes has increased to 26.5% from 13.0%. The performance of the Collateral has been stable. As a result, DBRS determined that it is sufficient to maintain the AA (high) (sf) rating on the Notes.

Notes:
The applicable methodologies are Rating Methodology for CLOs and CDOs of Large Corporate Credit (February 2012), Canadian Surveillance Methodology for CDOs of Large Corporate Credit (February 2012), CMBS Rating Methodology (January 2012), CMBS North American Surveillance Methodology (May 2011) and Rating Canadian Residential Mortgage-Backed Securities (RMBS) Transactions (November 2011), which can be found on our website under Methodologies.