DBRS Confirms Ratings on MBARC Credit Canada Inc. 2016-A Notes

DBRS Limited (DBRS) confirmed its ratings on the following notes issued by MBARC Credit Canada Inc. as part of DBRS’s continued effort to provide market participants with updates on an annual basis:

-- 2016-A Class A-1 Asset Backed Notes at AAA (sf) (the Class A-1 Notes)
-- 2016-A Class A-2 Asset Backed Notes at AAA (sf) (the Class A-2 Notes)
-- 2016-A Class A-3 Asset Backed Notes at AAA (sf) (the Class A-3 Notes; and together with the Class A-1 Notes, Class A-2 Notes, the Notes)

This rating confirmation is based on an analysis of the performance of the portfolio to date. The portfolio has performed well since inception and the high level of credit enhancement available continues to provide sufficient protection to the Notes at their current rating.

DBRS monitors the performance of each transaction to identify any deviation from DBRS’s expectation at issuance and to ensure the ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers.

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 Master Canadian Structured Finance Surveillance Methodology (May 2017), Rating Canadian Auto Retail Loan and Lease Securitizations (October 2016) and Legal Criteria for Canadian Structured Finance (July 2017), which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.