DBRS Morningstar Confirms Merit Trust, Prime Trust, Zeus Receivables Trust, Banner Trust, and Reliant Trust at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the Senior Short-Term Asset-Backed Notes of Merit Trust, Prime Trust, and Zeus Receivables Trust and the Series A Notes of Banner Trust and Reliant Trust (collectively, Merit Trust, Prime Trust, Zeus Receivables Trust, Banner Trust, and Reliant Trust are the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 89) in the Trusts on January 15, 2020.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS Morningstar also released a transaction summary report providing details of Transaction 89, which consists of a portfolio of conventional home equity lines of credit originated by a chartered bank operating in Canada.

Notes:
The principal methodologies are Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages 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 [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.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at [email protected].

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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