DBRS Confirms Storm King Funding Asset-Backed Commercial Paper Notes at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the ratings of the Asset-Backed Commercial Paper Notes issued by Storm King Funding (SKF or the Trust). The rating confirmation is based on an update to the liquidity supporting Transaction #72 issued December 19, 2014.

As of April 1, 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 on asset-backed commercial paper (ABCP) conduit activity, DBRS has released an updated version of the Transaction Summary report providing details of Transaction #72, which consists of a portfolio of primarily open-ended lease receivables, 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.