DBRS Confirmed Ratings on Bicentennial Trust, Series 2017-1

DBRS Limited (DBRS) confirmed the ratings on the Mortgage Pass-Through Certificates, Series 2017-1 issued by Bicentennial Trust as follows:

-- Class A Certificates rated AAA (sf)
-- Class B Certificates rated AA (sf)
-- Class C Certificates rated A (sf)
-- Class D Certificates rated BBB (sf)
-- Class E Certificates rated BBB (low) (sf)
-- Class F Certificates rated BB (sf)
-- Class G Certificates rated B (sf) (collectively, the Rated Certificates)

The Class H Certificates and Class Z Certificates (collectively with the Rated Certificates, the Certificates) are not rated by DBRS.

This rating confirmation is based on an analysis of the performance of the portfolio to date. The portfolio is a diversified pool of first-lien, fixed-rate, conventional Canadian residential mortgages with a maximum loan-to-value of 80% originated by Bank of Montreal (BMO). The portfolio has performed well since inception, and the pass-through structure of the Certificates has resulted in higher subordination. Current credit enhancement continues to provide sufficient protection to the Rated Certificates at their current rating.

The Seller and Administrator, BMO, is rated AA/R-1 (high) with Stable trends by DBRS as of April 19, 2018.

DBRS monitors the performance of each transaction to identify any deviation from DBRS’s expectation at issuance and to ensure the ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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 principal methodologies are Master Canadian Structured Finance Surveillance (December 2017), Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages (November 2017), Legal Criteria for Canadian Structured Finance (July 2017) and Operational Risk Assessments for Canadian Structured Finance (April 2018), which are available on dbrs.com under Methodologies.

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.

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