Credit Rating Report

Bay Street Funding Trust: Rating Report

ABCP

Summary

DBRS Limited (DBRS) confirmed the rating of R-1 (high) (sf) on the Short-Term ABN, Series 1, Class A Notes (the Notes) issued by Bay Street Funding Trust (the Trust) as part of its annual review of publicly rated asset-backed commercial paper conduits. The confirmation is part of DBRS’s continued effort to provide timely credit rating opinions and increased transparency to market participants.