DBRS Confirms Ratings on Banner Trust, Merit Trust, Prime Trust and Zeus Receivables Trust at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its ratings on the Series A Notes of Banner Trust and the Senior Short-Term Asset-Backed Notes of Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, with Banner Trust, Merit Trust and Prime Trust, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to the Trusts (Transaction 82) on January 26, 2018.

As part of its ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has today released a transaction summary report providing details of Transaction 82, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used passenger cars, sport-utility vehicles and light trucks.

Notes:
The principal methodologies are Rating Canadian Retail Auto 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 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 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.