DBRS Confirms SURE and SOUND Trusts at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its ratings on the Senior Short Term Notes, Series 2015-1 issued by SURE Trust (SURE) and the Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust (SOUND) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction (Transaction 78) to SURE and SOUND on August 24, 2018.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS has today released a transaction summary report providing details of Transaction 78, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used automobiles, sport-utility vehicles and light trucks.

Notes:
The principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations (October 2017), c Features (March 2018), Legal Criteria for Canadian Structured Finance (July 2018) and Derivatives Criteria for Canadian Structured Finance (July 2018), 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.

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

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