DBRS Confirms Bay Street Funding Trust and King Street Funding Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed its ratings on the Short-Term ABN, Series 1, Class A Notes issued by Bay Street Funding Trust and the Asset-Backed CP Promissory Notes issued by King Street Funding Trust at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to Bay Street Funding Trust and King Street Funding Trust (Transaction 55) on June 20, 2016.

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 55, 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 2015), Rating Canadian ABCP and Related Enhancement Features (March 2016), 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.