DBRS Confirms SAFE Trust, Senior Short-Term Asset-Backed Notes, Series 1996-1 at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed its rating on the Senior Short-Term Asset-Backed Notes, Series 1996-1 issued by SAFE Trust (SAFE) at R-1 (high) (sf). The rating confirmation is based on the assignment of Transaction 59 from SOUND Trust to SAFE (Transaction 63 in SAFE) on July 24, 2015. In addition to the assignment, the transaction size has also increased to $400 million.

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 63, which consists of fixed-rate commercial loan and lease contracts secured by new and used small and mid-ticket equipment.

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 Canadian Equipment Finance Securitization Transactions, Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, 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.