DBRS Confirms Ratings on Bay Street Funding Trust and King Street Funding Trust at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its ratings on the Short-Term ABN, Series 1, Class A Notes issued by Bay Street Funding Trust (Bay Street) and the Asset-Backed CP Promissory Notes issued by King Street Funding Trust (King Street; together with Bay Street, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction (Transaction 58) to the Trusts on November 17, 2017.

As part of DBRS’s ongoing efforts to increase transparency of reporting asset-backed commercial paper conduit activity, DBRS released a transaction summary report providing details of Transaction 58, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used automobiles, sport-utility vehicles and light trucks.

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

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

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