DBRS Confirms Platinum Canadian Mortgage Trust, Series 2010-1, at AAA (sf)

DBRS has today confirmed the rating of Home Equity Lines of Credit Receivables-Backed Floating Rate Notes, Series 2010-1 (the Notes), issued by Platinum Canadian Mortgage Trust (the Trust) at AAA (sf), as part of its continued effort to add transparency to market participants.

The rating confirmation is based on the performance of the collateral and the credit enhancement available to the Notes. DBRS notes that the underlying assets of CMHC-insured home equity lines of credit continue to perform within expectations, with zero losses, and the enhancement of 0.5% cash account and excess spread is commensurate with other AAA-rated transactions in Canada, with insured mortgage products as collateral.

Manulife Bank of Canada, rated A (high) and R-1 (middle), had assets of $21.7 billion as of August 31, 2012, and is the originator, seller and servicer of the assets and the swap counterparty for the Notes.

DBRS monitors the performance of the transactions to identify any deviation from DBRS’s expectation at issuance of the Notes and to ensure that the rating remains appropriate. The review is predicated on the timely receipt of performance information from the related providers.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodologies are Rating Canadian Home Equity Lines of Credit (HELOCs), Canadian Structured Finance Surveillance, Legal Criteria for Canadian Structured Finance and Hedge Counterparty Criteria for Canadian Structured Finance Transactions, which are available 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.