DBRS Morningstar Confirms Banner Trust’s Series E Notes at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed its rating of R-1 (high) (sf) on the Series E Notes issued by Banner Trust.

DBRS Morningstar initially published its outlook on the Coronavirus Disease (COVID-19) pandemic’s impact on key economic indicators for the 2020–22 time frame in April 2020. The macroeconomic scenarios were last updated on March 17, 2021, in “Global Macroeconomic Scenarios: March 2021 Update” at https://www.dbrsmorningstar.com/research/375376. For this rating confirmation, DBRS Morningstar considered impacts consistent with the moderate scenario in the referenced commentary in its analysis.

DBRS Morningstar’s confirmation of this transaction relies upon the sponsor’s liquidity commitment for the benefit of Banner Trust in an amount not less than the face amount of the related asset-backed commercial paper (which includes any accrued and unpaid interest as well as interest to accrue to maturity) and DBRS Morningstar’s current short-term rating on the sponsor (which is R-1 (high)) without any review of the underlying collateral, as such information is not provided to DBRS Morningstar.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodology is Master Canadian Structured Finance Surveillance Methodology (August 31, 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.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

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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