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

DBRS Limited (DBRS) has today confirmed the Senior Short-Term Asset-Backed Notes, Series 1996-1 of SAFE Trust and the Senior Short-Term Notes, Series 1998-1 of SOUND Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 66) to the Trusts on June 29, 2016.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has also released a transaction summary report providing details of Transaction 66, which consists of a portfolio of conventional and insured residential mortgages originated by a large financial services company operating in Canada.

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 Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages; Rating Canadian ABCP and Related Enhancement Features; Legal Criteria for Canadian Structured Finance; Derivatives Criteria for Canadian Structured Finance; and Operational Risk Assessments for Canadian Structured Finance, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.