DBRS Confirms Canadian Master Trust Sixth Amended and Restated Series A Note Liquidity Agreement at AAA (sf)

DBRS Limited (DBRS) confirmed the rating of AAA (sf) on the Sixth Amended and Restated Series A Note Liquidity Agreement (the Liquidity) provided by a liquidity lender to Canadian Master Trust (the Trust) as support for the Trust’s Series A Notes (the ABCP). The Liquidity meets the global liquidity standard expected by DBRS for the ABCP as outlined in Schedule A of DBRS’s “Rating Canadian ABCP and Related Enhancement Features” methodology (July 2017).

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) 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. All Assets currently have a transaction assessment (as defined in DBRS’s “Legal Criteria for Canadian Structured Finance” methodology (July 2017)) of AAA as outlined in DBRS’s Monthly Canadian ABCP Reports.

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

Notes:
The principal methodologies are Rating Canadian ABCP and Related Enhancement Features and Master Canadian Structured Finance Surveillance Methodology, 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.

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