DBRS Morningstar Assigns Ratings to Enercare HS Portfolio Limited Partnership and Enercare Solutions Inc.’s Variable Rate Equipment Contract Backed Loans, Series 2019-1

DBRS Limited (DBRS Morningstar) finalized its provisional ratings on the following Variable Rate Equipment Contract Backed Loans, Series 2019-1 (the Series 2019-1 Loans) jointly incurred by Enercare HS Portfolio Limited Partnership (the LP) and Enercare Solutions Inc. (the Co-Borrower):

-- AAA (sf) on the Variable Rate Equipment Contract Backed Loans, Series 2019-1 Class A
-- AA (sf) on the Variable Rate Equipment Contract Backed Loans, Series 2019-1 Class B
-- A (sf) on the Variable Rate Equipment Contract Backed Loans, Series 2019-1 Class C

The Series 2019-1 Loans are backed by a portfolio of rental contracts on primarily residential and some commercial water heaters; water treatment equipment; and heating, ventilation, and air conditioning units. The LP and the Co-Borrower are jointly and severally liable for the repayment of the Series 2019-1 Loans. The ratings are assigned at the request of the lenders for regulatory purposes.

Notes:
The principal methodology is Rating Canadian Structured Finance Transactions – Appendix: Residential Rental Equipment Contract Receivables, 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 [email protected].

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.

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 [email protected].

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