DBRS Morningstar Confirms Rating on Meridian OneCap Limited Partnership’s Variable Rate Equipment Contract Backed Notes, Series 2016-1, Class A

DBRS Limited (DBRS Morningstar) confirmed its rating on the following notes issued by Meridian OneCap Limited Partnership (the Notes) as part of DBRS Morningstar’s continued effort to provide market participants with updates on an annual basis:

-- Variable Rate Equipment Contract Backed Notes, Series 2016-1, Class A at AAA (sf)

The portfolio has performed well since inception, and the high level of credit enhancement available continues to provide sufficient protection to the Notes at their current rating.

DBRS Morningstar monitors the performance of each transaction to identify any deviation from DBRS Morningstar’s expectation at issuance and to ensure the ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers.

This rating has been assigned at the request of the Note purchasers.

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 methodology is Master Canadian Structured Finance Surveillance Methodology (June 7, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.

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

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