DBRS Confirms Ratings on SOUND Trust and SURE Trust at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its ratings on the Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust (SOUND) and the Senior Short Term Notes, Series 2015-1 by SURE Trust (SURE; together with SOUND, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction (Transaction 75) to the Trusts on December 21, 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 75, which consists of an investment interest in assets that are secured by an irrevocable property right to receive legislated collections from a non-bypassable tariff levied on a specified group of utility customers within a service territory in Canada.

Notes:
The principal methodologies are Rating Canadian Structured Finance Transactions (Appendix: Legislated Utility Collections), Rating Canadian ABCP and Related Enhancement Features and Legal Criteria for Canadian Structured Finance, which can be found on dbrs.com under Methodologies.

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 under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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