DBRS Confirms SOUND Trust, SAFE Trust and SURE Trust Notes at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed the Senior Short-Term Notes, Series 1998-1 of SOUND Trust (SOUND), Senior Short-Term Asset-Backed Notes, Series 1996-1 of SAFE Trust (SAFE) and Senior Short Term Notes, Series 2015-1 of SURE Trust (SURE; together with SOUND and SAFE, the Trusts) at R-1 (high) (sf). The rating confirmations are in connection with the addition of a new transaction (Transaction 76) to the Trusts.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS has released an updated transaction summary report providing details of Transaction 76, which consists of a portfolio of primarily monthly pay, fixed-rate lease and loan contracts secured by new and some used small and mid-ticket equipment.

Notes:
The principal methodologies are Rating Canadian Equipment Finance Securitization, Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which can be found on our website 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.

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