DBRS Confirms SAFE Trust and SOUND Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed its ratings on the Senior Short-Term Asset-Backed Notes, Series 1996-1 issued by SAFE Trust and Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to SAFE Trust and SOUND Trust (Transaction 64) on August 25, 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 64, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used automobiles, sport-utility vehicles and light trucks.

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 (August 2015), Legal Criteria for Canadian Structured Finance (August 2015) and Derivatives Criteria for Canadian Structured Finance (August 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.