DBRS Assigns AAA Rating to Plaza Trust Liquidity Agreement Transaction 44

DBRS Limited (DBRS) has today assigned a rating of AAA to the Liquidity Agreement Transaction 44 (the Liquidity) provided by a liquidity lender to Plaza Trust (the Trust) as support for the Trust’s Series 1 Asset-Backed Commercial Paper Notes (the ABCP) that were issued in connection with the Trust’s funding of Transaction 44. The Liquidity meets the global liquidity standard (GLS) expected by DBRS for the ABCP as outlined in Schedule A of DBRS’s “Rating Canadian ABCP and Related Enhancement Features” methodology (March 2016).

The rating on the Liquidity is an opinion on the Trust’s capacity to meet its financial obligations to the liquidity lender in accordance with the terms of the Liquidity. As indicated in Schedule E of DBRS’s “Rating Canadian ABCP and Related Enhancement Features” methodology, the rating on the Liquidity is based on the underlying transactions and programs funded by the Trust (the Assets) for which GLS is provided, as the collections from those Assets will be the basis upon which the Trust will be in a position to meet its financial obligations under the Liquidity in the event that it draws on the Liquidity. As indicated in DBRS’s Monthly Canadian ABCP Reports (available at www.dbrs.com), the Assets funded by the Trust in Transaction 44 (credit card receivables) currently have a transaction assessment (as defined in DBRS’s “Legal Criteria for Canadian Structured Finance” methodology (July 2016)) of AAA.

The rating has been assigned at the request of the liquidity lender for regulatory purposes.

Notes:
The applicable methodology is Rating Canadian ABCP and Related Enhancement Features (March 2016), which can be found on dbrs.com under Methodologies.

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