DBRS Confirms SAFE and SOUND Trusts at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the ratings of the Senior Short-Term Asset-Backed Notes, Series 1996-1 and Senior Short-Term Asset-Backed Notes, Series 1998-1 issued by SAFE Trust and SOUND Trust (the Trusts), respectively. With respect to SOUND Trust, this rating confirmation is associated with the restructuring of an existing transaction (Transaction #45) and will continue to be reported as such. With respect to SAFE Trust, this rating confirmation is associated with the addition of Transaction #45. As part of the restructuring, the transaction documents have been amended to include, but are not limited to, an increase of the program limit and the addition of SAFE Trust as a lender.

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 version of the Transaction Summary report providing details of Transaction #45, which consists of a portfolio of primarily open-ended, financing fleets of individual cars, trucks and equipment.

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 Auto Fleet Lease 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.