DBRS Confirms Ratings on MBARC Credit Canada Inc. 2014-A Notes

DBRS Limited (DBRS) has today confirmed its ratings on the following notes (collectively, the Notes) issued by MBARC Credit Canada Inc. (the Trust) as part of DBRS’s continued effort to provide market participants with updates on an annual basis:

-- 2014-A Class A-2 Asset Backed Notes at AAA (sf) (the Class A-2 Notes)
-- 2014-A Class A-3 Asset Backed Notes at AAA (sf) (the Class A-3 Notes)

This rating confirmation is based on an analysis of the performance of the portfolio to date. The Trust has performed well since inception and the high level of credit enhancement available continues to provide sufficient protection to the Notes at their current rating.

DBRS monitors the performance of each transaction to identify any deviation from DBRS’s expectation at issuance and to ensure the ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers.

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 Master Canadian Structured Finance Surveillance (May 2015), Rating Canadian Auto Retail Loan and Lease Securitizations (October 2015) and Legal Criteria for Canadian Structured Finance (August 2015), 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.