DBRS Confirms Merit Trust, Prime Trust, Zeus Receivables Trust and Banner Trust at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed its ratings on the Senior Short-Term Asset-Backed Notes of Merit Trust, Prime Trust and Zeus Receivables Trust and the Series A Notes of Banner Trust (collectively, with Merit Trust, Prime Trust and Zeus Receivables Trust, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to the Trusts (Transaction 78) on July 21, 2016.

As part of its 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 78, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used passenger cars, 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 (July 2016) and Derivatives Criteria for Canadian Structured Finance (July 2016), 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.