DBRS Confirms Rating of Global Style Liquidity Agreement Respecting Banner Trust; Amended and Restated Global Style Liquidity Agreements Respecting Merit Trust, Prime Trust and Zeus Receivables Trust

DBRS Limited (DBRS) confirmed the rating of AAA (sf) on the Global Style Liquidity Agreement respecting Banner Trust, and on the Amended and Restated Global Style Liquidity Agreements respecting Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, the Liquidity) provided by a liquidity lender to Banner Trust, Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, the Trusts) as support for the corresponding outstanding Trusts’ notes (the ABCP). The Liquidity meets the global liquidity standard expected by DBRS for the ABCP as outlined in Schedule A of DBRS’s “Rating Canadian ABCP and Related Enhancement Features” methodology (March 2018).

The rating on the Liquidity is an opinion on the Trusts’ capacity to meet their financial obligations to the liquidity lender in accordance with the terms of the Liquidity. As indicated in Schedule E of DBRS’s “Rating Canadian ABCP and Related Enhancement Features” methodology, the rating on the Liquidity is based on the underlying transactions and programs funded by the Trusts (the Assets) as the collections from those Assets will be the basis upon which the Trusts will be in a position to meet their financial obligations under the Liquidity in the event that they draw on the Liquidity. All Assets currently have a transaction assessment (as defined in DBRS’s “Legal Criteria for Canadian Structured Finance” methodology (July 2018)) of AAA, as outlined in DBRS’s Monthly Canadian ABCP Reports.

The rating was assigned at the request of the liquidity lender.

Notes:
The principal methodologies are Rating Canadian ABCP and Related Enhancement Features and Master Canadian Structured Finance Surveillance Methodology, 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.

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