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

DBRS Limited (DBRS) confirmed the ratings of the following notes at R-1 (high) (sf), based on the addition of a new transaction (Transaction 83) to the conduits on June 19, 2018:

-- Banner Trust, Series A Notes
-- Merit Trust, Senior Short-Term Asset-Backed Notes
-- Prime Trust, Senior Short-Term Asset-Backed Notes
-- Zeus Receivables Trust, Senior Short-Term Asset-Backed Notes

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has released a transaction summary report providing details of Transaction 83, which consists of short-term, non-interest-bearing, trade receivables arising from the day-to-day operations of a communications company.

Notes:
The principal methodologies are Rating Canadian Trade Receivables Securitization Transactions, Legal Criteria for Canadian Structured Finance and Rating Canadian ABCP and Related Enhancement Features, 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.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.

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