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 (Bay Street) and the Asset-Backed CP Promissory Notes issued by King Street Funding Trust (King Street, together with Bay Street, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to the Trusts (Transaction 56 in Bay Street and Transaction 56(2) in King Street) on October 18, 2016.

As part of DBRS’s ongoing efforts to increase transparency of reporting asset-backed commercial paper conduit activity, DBRS has today released a transaction summary report providing details of Transaction 56 and Transaction 56(2), 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 (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.