DBRS Morningstar Confirms Ridge Trust Series A Notes at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the Series A Notes issued by Ridge Trust (the Trust) at R-1 (high) (sf). The rating confirmation is pursuant to the addition of a new transaction (Transaction 30) to the Trust on June 19, 2020.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS Morningstar also released a transaction summary report providing details of Transaction 30, which is secured by a loan supported by a portfolio of rental contracts for primarily residential and some commercial water heaters; water treatment equipment; and heating, ventilation, and air conditioning units.

ESG CONSIDERATIONS
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 methodologies are Rating Canadian Structured Finance Transactions – Appendix: Residential Rental Equipment Contract Receivables (April 15, 2020) 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 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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