DBRS Confirms Storm King Funding, Asset-Backed Commercial Paper Notes at R-1 (high) (sf)

DBRS has confirmed the Asset-Backed Commercial Paper Notes of Storm King Funding (the Trust) at R-1 (high) (sf). The rating confirmation is based on the addition of a new transaction (Transaction 65) to the Trust on November 15, 2012.

As part of DBRS’s ongoing efforts to increase the transparency of reporting surrounding asset-backed commercial paper (ABCP) conduit activity, DBRS has today released a transaction summary report providing details of Transaction 65, which consists of a portfolio of dealer receivables originated by a vehicle floorplan finance company operating in Canada and secured by an underlying pool of used vehicles.

Notes:
The applicable methodologies are Rating Canadian Floorplan Securitizations (May 2011), Rating Canadian ABCP (September 2012) and Legal Criteria for Canadian Structured Finance (September 2012), which can be found on our website under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.