DBRS Morningstar Confirms SOUND Trust, Senior Short-Term Notes, Series 1998-1 and STABLE Trust, Senior Short-Term Notes, Series 2018-1 at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the ratings on the Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust and the Senior Short-Term Notes, Series 2018-1 issued by STABLE Trust (collectively, the Trusts) at R 1 (high) (sf). The rating confirmations are pursuant to the inclusion of a new transaction (Transaction 93) to the Trusts on November 30, 2022.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS Morningstar has also released a transaction summary report providing details of Transaction 93, which consists of a portfolio of uninsured first-lien residential mortgages originated by a federally regulated financial institution in Canada.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no environmental, social, and governance factors 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 (May 17, 2022).

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

The principal methodology is Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages (November 3, 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/402907.

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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