DBRS Confirms Bay Street Funding Trust & 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 confirmations are based on the addition of a new transaction (Transaction 41) to the conduits on September 24, 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 41, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used automobiles, sport utility vehicles, and light trucks.

Notes:
The applicable methodologies are Rating Canadian Auto Loan Securitizations, Rating Canadian ABCP, Legal Criteria for Canadian Structured Finance and Hedge Counterparty Criteria for Canadian Structured Finance Transactions, which can be found on our website under Methodologies.