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

DBRS Limited (DBRS) has today confirmed the Senior Short-Term Notes, Series 1996-1 of SAFE Trust (SAFE) and the Senior Short-Term Notes, Series 1998-1 of SOUND Trust (SOUND, and together with SAFE, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 71 in the Trusts) on July 18, 2017.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS has also released a Transaction Summary report providing details of Transaction 71, which is secured by a loan secured by a security interest in a portfolio of retail auto loan receivable contracts and related rights (the Portfolio of Loans). The Portfolio of Loans includes primarily new and some used passenger cars, crossover vehicles, sport-utility vehicles and light trucks originated by a captive auto finance 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 principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations, Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which can be found on our website under Methodologies.

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