DBRS Confirms Storm King Funding, Series 1 Asset-Backed Commercial Paper Notes at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its rating on the Series 1 Asset-Backed Commercial Paper Notes issued by Storm King Funding (SKF) at R-1 (high) (sf). The rating confirmation is based on the indirect assignment of a transaction from Lakeshore Trust (rated R-1 (high) (sf) by DBRS; Transaction 91) to SKF (Transaction 91) on April 12, 2019.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS released a transaction summary report providing details of Transaction 91, which consists of a portfolio of automobile and sport-utility vehicles 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 dbrs.com 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 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.

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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