DBRS Confirms Plaza Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the Series 1 Asset-Backed Commercial Paper Notes of Plaza Trust (Plaza) at R-1 (high) (sf) following an update to the liquidity agreement supporting Transaction 71 on December 15, 2015.

As of December 15, 2015, the full wrap liquidity is no longer in place and the transaction is supported by Royal Bank of Canada’s enhanced liquidity, which meets DBRS’s enhanced liquidity criteria. As a result, the confirmation is now based on a full credit review of the transaction as described in the updated transaction summary.

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 an updated transaction summary report providing details of Transaction 71, which consists of a portfolio of insurance premium loan receivables.

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 Structured Finance Transactions (November 2015), Rating Canadian ABCP and Related Enhancement Features (August 2015) and Legal Criteria for Canadian Structured Finance (August 2015), which can be found on our website under Methodologies.