DBRS Upgrades Master Asset Vehicle III Rated Notes (Class 12A) to AAA (sf) from AA (high) (sf)

DBRS has today upgraded the Rated Notes (Class 12A) (the Notes) issued by Master Asset Vehicle III (MAVIII) to AAA (sf) from AA (high) (sf).

MAVIII was created as part of the restructuring of certain Canadian third-party asset-backed commercial paper trusts under the Montréal Accord. The assets securing the Notes (the Collateral) previously secured the Series F floating-rate notes issued by Gemini Trust.

On September 21, 2012, DBRS confirmed the rating of the Notes at AA (high) (sf). Since the last rating confirmation, the subordination provided by the Class 12B Notes has increased to 42.7% from 26.5%. The performance of the Collateral has been stable, with one of the assets paying off in full with no losses. As a result, the Notes are being upgraded to AAA (sf) from AA (high) (sf).

Notes:
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.

The applicable methodologies are Legal Criteria for Canadian Structured Finance (September 2013), Derivatives Criteria for Canadian Structured Finance (September 2013), CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.