DBRS Morningstar Confirms Ratings on SAFE Trust, SOUND Trust, STABLE Trust, and SURE Trust at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed its ratings on the SAFE Trust, Senior Short-Term Notes, Series 1996-1, SOUND Trust, Senior Short-Term Notes, Series 1998-1, STABLE Trust, Senior Short Term Notes, Series 2018-1 and SURE Trust, Senior Short Term Notes, Series 2015-1, at R-1 (high) (sf). The rating confirmations are based on the addition of a new transaction to the Trusts (Transaction 82) on February 18, 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 82, which consists of a portfolio of fixed-rate retail loan contracts secured by new and used automobiles, sport-utility vehicles, and light trucks.

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 27, 2021) and Rating Canadian ABCP and Related Enhancement Features (March 12, 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.

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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