DBRS Finalizes Provisional Rating of R-1 (high) (sf) on Lakeshore Trust Series 1 Asset-Backed Commercial Paper Notes

DBRS Limited (DBRS) finalized its provisional rating of R-1 (high) (sf) on the Series 1 Asset-Backed Commercial Paper Notes (the Notes) issued by Lakeshore Trust (the Trust). The Trust is a multi-seller, asset-backed commercial paper conduit administered by its financial services agent, Royal Bank of Canada.

The final rating on the Notes has been assigned on the basis of a review by DBRS of the Trust’s documentation and the addition of a new transaction (Transaction 82) to the Trust on September 25, 2017.

As part of DBRS’s 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 82, which consists of a portfolio of automobile and sport-utility vehicle retail auto leases originated by a captive auto finance company operating in Canada.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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 ABCP and Related Enhancement Features (July 2017); Rating Canadian Auto Retail Loan and Lease Securitizations (October 2016); Derivatives Criteria for Canadian Structured Finance (July 2017) 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.

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