DBRS Confirms Platinum Canadian Mortgage Trust Series 2010-1 at AAA (sf)

DBRS has today confirmed the rating of Home Equity Lines of Credit Receivables-Backed Floating Rate Notes, Series 2010-1 (the Notes) issued by Platinum Canadian Mortgage Trust at AAA (sf), as part of its continued effort to add transparency to market participants.

The rating confirmation is based on the performance of the collateral and the credit enhancement available to the Notes. DBRS notes that the underlying collateral of CMHC-insured home equity lines of credit continue to perform within expectations, with zero losses, and the enhancement of 0.5% cash account and excess spread is commensurate with other AAA-rated transactions in Canada, with insured mortgage products as collateral.

Manulife Bank of Canada, rated A (high) and R-1 (middle), is the originator, seller and servicer of the assets and the swap counterparty for the Notes.

DBRS monitors the performance of the transaction to identify any deviation from DBRS’s expectation of the Notes at issuance and to ensure that the rating remains appropriate. The review is predicated on the timely receipt of performance information from the related providers.

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 Rating Canadian Residential Mortgage-Backed Securities (RMBS) and Home Equity Line of Credit (HELOC) Transactions, Canadian Structured Finance Surveillance Methodology, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which are available on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.