DBRS Confirms SOUND Trust’s Senior Short-Term Notes, Series 1998-1 at R-1 (high) (sf)

DBRS has today confirmed the Senior Short-Term Notes, Series 1998-1, of SOUND Trust (the Trust) at R-1 (high) (sf). The rating confirmation is based on changes to the required credit enhancement levels in respect of Transaction 55, effective February 11, 2014.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper (ABCP) conduit activity, DBRS has released an updated transaction summary report providing details of Transaction 55, which consists of a portfolio of fixed-rate monthly, quarterly, semi-annual and annual pay lease contracts secured by primarily new and some used small and mid-ticket equipment.

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

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 Rating Canadian Equipment Finance Securitization Transactions, Rating Canadian ABCP, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which can be found on our website under Methodologies.