DBRS Confirms Bay Street Funding Trust, Short-Term ABN, Series 1, Class A Notes at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed its rating on the Short-Term ABN, Series 1, Class A Notes of Bay Street Funding Trust (the Trust) at R-1 (high) (sf) following the addition of a new transaction (Transaction 51) to the Trust on July 10, 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 51, which consists of a note ultimately backed by a portfolio of retail auto lease 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.

DBRS rated this transaction relying on 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)).

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 methodology is Rating Canadian ABCP and Related Enhancement Features (April 2015), 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.