DBRS Morningstar Confirms SAFE Trust and SURE Trust at R-1 (high) (sf), Releases Transaction Summary

DBRS Limited (DBRS Morningstar) confirmed the rating on the Senior Short-Term Notes, Series 1996-1 issued by SAFE Trust and the rating on the Senior Short-Term Notes, Series 2015-1 issued by SURE Trust (together with SAFE Trust, the Trusts) at R-1 (high) (sf) following the addition of a new transaction (Transaction 83) to the Trusts on June 2, 2020.

DBRS Morningstar considered additional analyses and, where appropriate, additional adjustments to expected performance as a result of the global efforts to contain the spread of the Coronavirus Disease (COVID-19). On June 1, 2020, the DBRS Morningstar Sovereigns group published its updated outlook on the impact of the pandemic on key economic indicators for the 2020–22 time frame. For details see https://www.dbrsmorningstar.com/research/361867. For this rating confirmation, DBRS Morningstar’s analysis considered impacts consistent with the moderate scenario in the referenced commentary.

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 83, which consists of a collateral note that is supported by a security interest in a portfolio of automobile, sport-utility vehicle, and light truck retail auto leases originated by a captive auto finance company operating in Canada.

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:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations (October 11, 2019) and Rating Canadian ABCP and Related Enhancement Features (March 18, 2020), 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.

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

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