SAFE Trust: Rating Report

DBRS Limited (DBRS Morningstar) confirmed the rating on the Senior Short-Term Notes, Series 1996-1 (the Notes) issued by SAFE Trust (the Trust) at R-1 (high) (sf) as part of its annual review of publicly rated asset-backed commercial paper (ABCP) conduits. The confirmation is part of DBRS Morningstar’s continued effort to provide timely credit rating opinions and increased transparency to market participants.