DBRS Morningstar Confirms Pure Grove Funding, Series 1 Asset-Backed Commercial Paper Notes Class Maple and Class Oak 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 issued by Pure Grove Funding (the Trust) following the addition of a new transaction (Transaction 102) to the Trust on January 21, 2022.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS Morningstar released a transaction summary report providing details of Transaction 102, which consists of a portfolio of fixed-rate equipment lease contracts secured by new and used commercial trucks and related equipment.

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 Equipment Finance Securitization Transactions (October 27, 2021), Rating Canadian ABCP and Related Enhancement Features (March 12, 2021) and Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits (January 19, 2022) , 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

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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