DBRS Confirms TABS 2005-2 Oakville Limited Ratings

DBRS Limited (DBRS) has today confirmed the ratings of various notes issued by TABS 2005-2 Oakville Limited (TABS or the Transaction). The Class A-1 Notes, Class A-2 Notes and Class B Notes (collectively, the Notes) issued by TABS have each been confirmed at C (sf).

The Transaction is a managed cash flow collateralized debt obligation (CDO) of asset-backed securities (ABS) that consists primarily of U.S. residential mortgage-backed securities (RMBS). All of the underlying ABS were originally investment grade, with most being rated BBB or BBB (low).

Since the last rating confirmation, the overall credit quality of the remaining securities has not changed substantially. DBRS expects that the Class A-1 Notes will suffer a partial loss of principal, and it is expected that the Class A-2 Notes and Class B Notes will not receive any return of initial principal over the remaining term of the Transaction.

DBRS will release further updates on www.dbrs.com as appropriate.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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 CLOs and CDOs of Large Corporate Credit (April 2015) and Canadian Surveillance Methodology for CDOs of Large Corporate Credit (July 2014), which can be found on our website under Methodologies.