DBRS Updates Transaction 73 Report of Plaza Trust

As part of its ongoing efforts to increase the transparency of reporting on asset-backed commercial paper (ABCP) conduit activity, DBRS Limited has today released an updated Transaction Summary report providing details of Transaction #73 under Plaza Trust, which is backed by a collateral note that is supported by a security interest in a portfolio of retail auto lease receivables. The update reflects an increase in the program limit to $400 million.

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:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Canadian ABCP (August 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.