DBRS Morningstar Confirms the AAA (sf) Rating on Banner Trust’s Series C Facility D Loan

DBRS Limited (DBRS Morningstar) confirmed the AAA (sf) rating on the Series C Facility D Loan (the Loan) issued by Banner Trust. The repayment of the Loan is supported by a portfolio of conventional and insured mortgages originated by a Schedule I bank and its subsidiary in Canada.

In the rating confirmation, DBRS Morningstar considered additional analysis and, where appropriate, additional stresses to expected performance as a result of the global efforts to contain the spread of the Coronavirus Disease (COVID-19). On April 16, 2020, the DBRS Morningstar Sovereigns group published its outlook on the impact on key economic indicators for the 2020–22 time frame. For details, see https://www.dbrsmorningstar.com/research/359679. For the confirmation of the rating, DBRS Morningstar’s analysis considered impacts consistent with the moderate scenario in the referenced commentary.

This rating was assigned at the request of the lender of the Loan.

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 the Master Canadian Structured Finance Surveillance Methodology (June 28, 2019), 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 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.

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

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