DBRS Confirms King Street Funding Trust Asset-Backed CP Promissory Notes at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed the Asset-Backed CP Promissory Notes of King Street Funding Trust (the Trust) at R-1 (high) (sf). The rating confirmation is pursuant to the inclusion of a new transaction (Transaction 59) in the Trust on February 25, 2019.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS has also released a Transaction Summary report providing details of Transaction 59, which is secured by a portfolio of automobile, compact-utility vehicle, sport-utility vehicle and light truck retail auto leases originated by a captive auto finance company operating in Canada.

Notes:
The principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations and Rating Canadian ABCP and Related Enhancement Features, which can be found on our website under Methodologies & Criteria.

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.

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

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

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