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

DBRS Limited (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 71) on December 16, 2014.

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 71, which consists of a portfolio of insurance premium loan receivables.

This transaction is rated by DBRS pursuant to DBRS’s Rating Canadian ABCP Methodology.

DBRS rated this transaction relying upon the liquidity provider’s full wrap liquidity commitment for the benefit of Plaza, covering all risks related to the transaction 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), without any review of the underlying collateral. The liquidity provider’s current short-term rating by DBRS is R-1 (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 methodology is Rating Canadian ABCP, which can be found on our website under Methodologies.