DBRS Confirms SAFE Trust and STABLE Trust at R-1 (high) (sf)

DBRS Limited (DBRS) confirmed the Senior Short-Term Notes, Series 1996-1 of SAFE Trust and the Senior Short-Term Notes, Series 2018-1 of STABLE Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 79) in the Trusts on May 27, 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 79, which is secured by a loan supported by a security interest in a portfolio of retail auto loan receivable contracts and related rights (the Portfolio of Loans). The Portfolio of Loans includes primarily new and some used passenger cars, crossover vehicles, sport-utility vehicles and light trucks 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.

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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