DBRS Confirms Plaza Trust, Series 1 Asset-Backed Commercial Paper Notes at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the ratings of the Series 1 Asset-Backed Commercial Paper Notes issued by Plaza Trust (the Trust). The rating confirmation is in connection with the addition of a new transaction (Transaction #73) to the Trust on January 16, 2015.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper (ABCP) conduit activity, DBRS has released a Transaction Summary report providing details of Transaction #73, which is backed by a collateral note that is supported by a security interest in a portfolio of retail auto lease receivables.

This transaction is rated by DBRS pursuant to its “Rating Canadian ABCP” methodology.

DBRS rated this transaction relying on the liquidity provider’s full wrap liquidity commitment for the benefit of the Trust, 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). The liquidity provider’s current short-term rating by DBRS is R-1 (high).

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 ABCP (August 2014), Derivatives Criteria for Canadian Structured Finance (August 2014), Legal Criteria for Canadian Structured Finance (August 2014) and Rating Canadian Auto Retail Loan and Lease Securitization (October 2014), 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.