DBRS Confirms Plaza Trust and Storm King Funding at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed its ratings on the Series 1 Asset-Backed Commercial Paper Notes issued by Plaza Trust and the Series 1 Asset-Backed Commercial Paper Notes issued by Storm King Funding (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to the Trusts (Transaction 96) on May 23, 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 96, 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 2018) and Rating Canadian ABCP and Related Enhancement Features (March 2019), 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.

The full report providing additional analytical detail is available by clicking on the link under Related Documents 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.

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