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

DBRS Limited (DBRS) has confirmed its rating on the Asset-Backed Commercial Paper Notes issued by Storm King Funding (SKF) at R-1 (high) (sf). The rating confirmation is based on the addition of a new transaction (Transaction 75) to SKF on June 24, 2015.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has today released a transaction summary report providing details of Transaction 75, which consists of a portfolio of retail auto lease receivable contracts and related leased vehicles originated by the Seller, a bankruptcy remote special-purpose entity created by a Canadian captive auto finance company.

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.

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