DBRS Morningstar Confirms AAA (sf) Ratings on Liquidity Agreements of Banner Trust, Reliant Trust, Merit Trust, Prime Trust and Zeus Receivables Trust

DBRS Limited (DBRS Morningstar) confirmed the ratings of AAA (sf) on the Global Style Liquidity Agreement respecting Banner Trust Series A Notes, the Fourth Amended and Restated Series A Liquidity Agreement respecting Reliant Trust and 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, Reliant Trust, Merit Trust, Prime Trust and Zeus Receivables Trust (collectively, the Trusts), respectively, as support for the corresponding outstanding Trusts’ notes (the Asset-Backed Commercial Paper (ABCP)). The Liquidity meets the global liquidity standard expected by DBRS Morningstar for the ABCP as outlined in Schedule A of DBRS Morningstar’s “Rating Canadian ABCP and Related Enhancement Features” methodology (March 2019).

The ratings on the Liquidity are 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 Morningstar’s “Rating Canadian ABCP and Related Enhancement Features” methodology, the ratings on the Liquidity are 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 Morningstar’s “Legal Criteria for Canadian Structured Finance” methodology (June 2019)) of AAA, as outlined in DBRS Morningstar’s Monthly Canadian ABCP Reports.

The ratings were assigned at the request of the liquidity lender.

Notes:
The principal methodology is Master Canadian Structured Finance Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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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