DBRS Morningstar Confirms Pure Grove Funding, Series 1 Asset-Backed Commercial Paper Notes, Class Maple and Series 1 Asset-Backed Commercial Paper Notes, Class Oak at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the ratings 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) at R-1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 44) to the Trust on September 16, 2022.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS Morningstar has also released a transaction summary report providing details of Transaction 44, which consists of a portfolio of credit cards originated by a Schedule I bank operating in Canada.

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Canadian Credit Card and Personal Line of Credit Securitizations (November 1, 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 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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