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

DBRS has today confirmed the Series 1 Asset-Backed Commercial Paper Notes of Plaza Trust (Plaza) at R-1 (high) (sf) following the addition of a new transaction (Transaction 69) to Plaza on June 7, 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 69, which consists of a portfolio of auto floorplan receivables.

DBRS rated this transaction relying upon the sponsor’s liquidity commitment for the benefit of Plaza 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 (which is R-1(high)), without any review of the underlying collateral, as such information is not provided to DBRS. In limited circumstances, additional amounts may be made available by the sponsor to Plaza under the liquidity facility.

Notes:
The applicable methodologies are DBRS Criteria: Rating Canadian ABCP and DBRS Criteria: Legal Criteria for Canadian Structured Finance, each of 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.