DBRS Confirms Banner Trust, Merit Trust, Prime Trust, Zeus Receivables Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the ratings on the Series A Notes issued by Banner Trust and the Senior Short-Term Asset-Backed Notes issued by Merit Trust, Prime Trust and Zeus Receivables Trust (collectively with Banner Trust, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction backed by retail auto leases (Transaction #70) to the Trusts on May 20, 2015.

As part of DBRS’s ongoing efforts to increase the transparency of reporting ABCP conduit activity, DBRS has today released a new transaction summary report providing details of Transaction #70, 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 and Related Enhancement Features (April 2015), 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.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.