DBRS Confirms SAFE Trust and SOUND Trust at R-1 (high) (sf)

DBRS has today confirmed the Senior Short-Term Asset-Backed Notes, Series 1996-1 of SAFE Trust and the Senior Short-Term Notes, Series 1998-1 of SOUND Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmation is pursuant to the inclusion of a new transaction (Transaction 57) in the Trusts on February 1, 2013.

As part of DBRS’s ongoing efforts to increase transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has also released a transaction summary report providing details of Transaction 57, which consists of a portfolio of credit cards originated by a highly rated financial institution.

Notes:
The applicable methodologies are DBRS Criteria for Canadian Credit Card Securitization (April 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.