DBRS Upgrades Superior Trust Series D, E, F and G Floating-Rate Medium Term Notes

DBRS Limited (DBRS) has today upgraded the ratings of the four series of notes issued by Superior Trust (the Trust). The Series D Floating-Rate Medium Term Notes (the Series D Notes) have been upgraded to A (high) (sf) from A (low) (sf), the Series E Floating-Rate Medium Term Notes (the Series E Notes) have been upgraded to A (low) (sf) from BBB (sf), the Series F Floating-Rate Medium Term Notes (the Series F Notes) have been upgraded to AA (sf) from AA (low) (sf) and the Series G Floating-Rate Medium Term Notes (the Series G Notes) have been upgraded to to AA (low) (sf) from A (sf).

On November 22, 2013, the ratings of the Series D Notes, Series E Notes and Series G Notes were upgraded one notch, while the rating of the Series F Notes was upgraded two notches. No credit events have occurred in the reference portfolios since September 2010.

Among the remaining corporate entities referenced by the Series D, E, F and G Notes portfolios, there has generally been no major rating migration over the past year, and the Notes continue to benefit from an additional year of time decay (a concept whereby a structured credit transaction grows less risky as its maturity date draws nearer). As a result, stability cushions have increased substantially over the past year, with cushions for the Series D Notes and Series F Notes increasing by more than 155 basis points (bps) and cushions for the Series E Notes and Series G Notes increasing by more than 70 bps.

The scheduled termination of the Notes is September 28, 2016. DBRS continues to actively monitor the credit quality of the Notes and will provide further updates as necessary.

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 Methodology for CLOs and CDOs of Large Corporate Credit and Canadian Surveillance Methodology for CDOs of Large Corporate Credit, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

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