DBRS Confirms AAA Rating on Storm King Funding Liquidity Agreement Transaction 52

DBRS Limited (DBRS) confirmed the rating of AAA on the Liquidity Agreement Transaction 52 (the Liquidity) provided by a liquidity lender to Storm King Funding (the Trust) as support for the Trust’s Series 1 Asset-Backed Commercial Paper Notes (the ABCP; rated R-1 (high) (sf)) that were issued in connection with the Trust’s funding of Transaction 52. The Liquidity meets the global liquidity standard (GLS) 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) for which GLS is provided, 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. As indicated in the summary for Storm King Funding’s Transaction 52 (available at www.dbrs.com) and in DBRS’s Monthly Canadian ABCP Reports, the Assets funded by the Trust in Transaction 52 (equipment floorplan receivables) currently have a transaction assessment (as defined in DBRS’s “Legal Criteria for Canadian Structured Finance” methodology (July 2017)) of AAA.

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

Notes:
The principal methodologies are Rating Canadian ABCP and Related Enhancement Features, Rating Canadian Wholesale Securitizations 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 initially in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.