DBRS Confirms King Street Funding Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the Asset-Backed CP Promissory Notes of King Street Funding Trust (the Trust) at R-1 (high) (sf) following the addition of a new transaction (Transaction 50) to the Trust on June 4, 2015.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has today also released a transaction summary report providing details of Transaction 50, which consists of a note backed by a portfolio of auto floorplan receivables (the ABS Note).

This transaction is rated by DBRS pursuant to Schedule D: The DBRS Approach to Rating Canadian ABCP Supported by Full Wrap Liquidity in DBRS’s Rating Canadian ABCP and Related Enhancement Features Methodology (April 2015).

DBRS rated this transaction relying upon the sponsor’s liquidity commitment for the benefit of the Trust 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) and the sponsor’s current short-term rating by DBRS (which is R-1(high)), without any review of the underlying collateral, as such information is not provided to DBRS. The sponsor’s liquidity commitment expires on the legal final maturity date of the ABS Note.

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.

Notes
The applicable methodology is Rating Canadian ABCP and Related Enhancement Features Methodology (April 2015), which can be found on our website under Methodologies.

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