DBRS Confirms STABLE Trust and SURE Trust at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed both the Senior Short Term Notes, Series 2018-1 of STABLE Trust and the Senior Short Term Notes, Series 2015-1 of SURE Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 72) into the Trusts on August 3, 2018. This is an existing transaction also co-funded by SAFE Trust (Transaction 72) and SOUND Trust (Transaction 72).

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has also released an updated transaction summary report providing details of Transaction 72, which consists of a portfolio of conventional residential mortgages originated by a large mortgage finance company operating in Canada.

Notes:
DBRS notes that the above press release was amended on December 3, 2018, to include a note regarding the participation of the rated entity and DBRS’s access to the internal documents of the rated entity. The amendment was minor and would not impact the understanding of the reader.

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 to the right under Related Research 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.

The principal methodologies are Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages; Rating Canadian ABCP and Related Enhancement Features; Legal Criteria for Canadian Structured Finance; Derivatives Criteria for Canadian Structured Finance; and Operational Risk Assessments for Canadian Structured Finance, which can be found on our website under Methodologies.

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

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