DBRS Confirms AAA Rating of Global Style Liquidity Agreement Respecting Banner Trust; Amended, Restated Global Style Liquidity Agreements Respecting Merit Trust, Prime Trust and Zeus Receivables Trust

DBRS Limited (DBRS) confirmed the rating of AAA of the Global Style Liquidity Agreement respecting Banner Trust, to the Amended and Restated Global Style Liquidity Agreements respecting Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, the Liquidity) provided by a liquidity lender to Banner Trust, Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, the Trusts) as support for the corresponding outstanding Trusts’ 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 Trusts’ capacity to meet their 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 Trusts (the Assets) as the collections from those Assets will be the basis upon which the Trusts will be in a position to meet their financial obligations under the Liquidity in the event that they draw 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.

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 and Master Canadian Structured Finance Surveillance Methodology, which are available on our website 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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