DBRS Assigns Rating of R-1 (high) (sf) to STABLE Trust Senior Short Term Notes, Series 2018-1

DBRS Limited (DBRS) assigned a rating of R-1 (high) (sf) to the Senior Short Term Notes, Series 2018-1 (the Notes) issued by STABLE Trust (the Trust). The Trust is a new multi-seller, asset-backed commercial paper conduit initiated by its financial services agent, Canadian Imperial Bank of Commerce.

The rating on the Notes has been assigned on the basis of a review by DBRS of the Trust’s documentation, which is consistent with DBRS’s applicable methodologies, including its liquidity agreement that meets the Global Liquidity Standard indicated in DBRS’s “Rating Canadian ABCP and Related Enhancement Features.”

The rating on the Notes has also been assigned on the basis of four transactions entered into by the Trust, namely, an equipment lease transaction, a credit card transaction, a residential mortgage transaction and an auto loan transaction, each of which are described in more detail in the related Transaction Summaries 55, 57, 67 and 77, respectively.

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

The applicable methodologies with respect to the new Trust are Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance. The applicable methodologies for the four transactions described above entered into by the Trust are Rating Canadian Equipment Finance Securitization Transactions; Rating Canadian Credit Card and Personal Line of Credit Securitizations; Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages; and Rating Canadian Auto Retail Loan and Lease Securitizations, 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.

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