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’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 (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.

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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