DBRS Morningstar Confirms Pure Grove Funding at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed its ratings of R-1 (high) (sf) on the Series 1 Asset-Backed Commercial Paper Notes, Class Maple and Series 1 Asset-Backed Commercial Paper Notes, Class Oak (collectively, the Notes) issued by Pure Grove Funding (the Conduit) following the addition of a new transaction (Transaction 101) to the Conduit on July 22, 2021.

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). DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020. The scenarios were updated on June 18, 2021, and DBRS Morningstar’s rating analysis reflects the updated scenarios. For details, see DBRS Morningstar’s commentary “Global Macroeconomic Scenarios – June 2021 Update,” at https://www.dbrsmorningstar.com/research/380281. 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 on asset-backed commercial paper conduit activity, DBRS Morningstar also released a transaction summary report providing details of Transaction 101, which consists of a security interest in a portfolio of retail auto lease and loan receivable contracts and the related vehicles (automobiles and sport-utility vehicles) originated by the Seller, a Canadian captive auto finance company.

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:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations (October 26, 2020), Rating Canadian ABCP and Related Enhancement Features (March 12, 2021), Rating and Monitoring Asset-Backed Commercial Paper: US ABCP Conduits (January 21, 2021), 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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