DBRS Assigns Rating of R-1 (high) (sf) to SURE Trust Senior Short Term Notes, Series 2015-1

DBRS Limited (DBRS) has today assigned a rating of R-1 (high) (sf) to the Senior Short Term Notes, Series 2015-1 (the Notes) issued by SURE Trust (the Trust). The Trust is a new multi-seller, asset-backed commercial paper conduit initiated by its financial services agent, Canadian Imperial Bank of Commerce.

The rating on the Notes has been assigned on the basis of a review by DBRS of the Trust’s documentation, which are consistent with DBRS’s applicable methodologies, including its liquidity agreement that meets the Global Liquidity Standard indicated in DBRS’s “Rating Canadian ABCP and Related Enhancement Features”.

The rating on the Notes has also been assigned on the basis of three transactions entered into by the Trust, namely, an auto fleet lease transaction, a credit card transaction and an auto loan transaction, each of which are described in more detail in the related Transaction Summaries 45, 57 and 64, respectively.

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 with respect to the new Trust are Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, and the applicable methodologies for the three transactions described above entered into by the Trust are Rating Canadian Auto Loan and Auto Lease Securitizations, Rating Canadian Credit Card and Personal Line of Credit Securitizations, and Rating Canadian Auto Fleet Lease Transactions, which can be found on our website under Methodologies.