DBRS Confirms Plaza Trust, Series 1 Asset-Backed Commercial Paper Notes at R-1 (high) (sf), Transaction #73

DBRS Limited (DBRS) has today confirmed the rating on the Series 1 Asset-Backed Commercial Paper (ABCP) Notes of Plaza Trust (the Trust) at R-1 (high) (sf). The rating confirmation is based on an update to the liquidity agreement supporting Transaction #73 issued January 27, 2015.

As of March 13, 2015, the full wrap liquidity is no longer in place and the transaction is supported by Royal Bank of Canada’s traditional liquidity, which meets the global liquidity standard. As a result, the confirmation is now based on a full credit review of the transaction as described in the updated transaction summary.

As part of DBRS’s ongoing efforts to increase the transparency of reporting ABCP conduit activity, DBRS has today released an updated transaction summary report providing details of Transaction #73, which is secured by a Collateral Note backed by a portfolio of automobile, sport-utility vehicle and light truck retail auto leases originated by a captive auto finance company operating in Canada.

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 Retail Loan and Lease Securitizations (October 2014), Rating Canadian ABCP (August 2014), Legal Criteria for Canadian Structured Finance (August 2014) and Derivatives Criteria for Canadian Structured Finance (August 2014), which can be found on our website under Methodologies.