DBRS Confirms Ridge Trust at R-1 (high) (sf)

DBRS has today confirmed the Series A Notes of Ridge Trust (Ridge) at R-1 (high) (sf), following the addition of a new transaction (Transaction 19) to Ridge on May 31, 2013.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has today also released a transaction summary report providing details of Transaction 19, which consists of a note backed by a portfolio of auto floorplan receivables (the ABS Note).

This transaction is rated by DBRS pursuant to DBRS’s Rating ABCP Methodology, Schedule E: The DBRS Approach to Rating Canadian ABCP Supported by Full Wrap Liquidity.

DBRS rated this transaction relying upon the sponsor’s liquidity commitment for the benefit of Ridge in an amount not less than the face amount of the related ABCP (which includes any accrued and unpaid interest, as well as interest to accrue to maturity) and the sponsor’s current short-term rating by DBRS (R-1(high)), without any review of the underlying collateral, as such information is not provided to DBRS. The sponsor’s liquidity commitment expires on the legal final maturity date of the ABS Note.

Notwithstanding that information on the underlying collateral backing the ABS Note was not provided to DBRS prior to the closing of this transaction, DBRS understands that certain limited performance information will be made available to DBRS on a go-forward basis for surveillance purposes, and can be found in DBRS’s Monthly Canadian ABCP Report

Notes:
The applicable methodology is Rating Canadian ABCP, 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.