DBRS Morningstar Assigns R-1 (high) (sf) Rating to Banner Trust’s Series E Notes

DBRS Limited (DBRS Morningstar) assigned a rating of R-1 (high) (sf) to the Series E Notes issued by Banner Trust.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS Morningstar also released a transaction summary report providing details of the Banner Trust Series E Notes transaction, which consists of the purchase by Banner Trust of proceeds backed by certain assets of The Toronto-Dominion Bank.

DBRS Morningstar rated this transaction relying upon the sponsor’s liquidity commitment for the benefit of Banner Trust in an amount not less than the face amount of the related ABCP (which includes any accrued and unpaid interest, interest to accrue to maturity and transaction-related fees and expenses of Banner Trust) and the sponsor’s current short-term rating by DBRS Morningstar (which is R-1 (high)), without any review of the underlying collateral).

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodology is Rating Canadian ABCP and Related Enhancement Features, which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

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.dbrsmorningstar.com or contact us at [email protected].

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