DBRS Morningstar Confirms SAFE Trust and STABLE Trust Notes at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the Senior Short-Term Notes, Series 1996-1 issued by SAFE Trust (SAFE) and Senior Short Term Notes, Series 2018-1 issued by STABLE Trust (together with SAFE, the Trusts) at R-1 (high) (sf). The rating confirmation is pursuant to the addition of a new transaction (Transaction 95) to the Trusts on June 19, 2023.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS Morningstar also released a transaction summary report providing details of Transaction 95, which consists of a portfolio of program and non-program rental vehicles, and the related vehicle receivables, operated by a Canadian rental company.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/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 applicable to the rating is Rating Canadian Rental Car Fleet Securitizations (October 26, 2022, https://www.dbrsmorningstar.com/research/404315).

Other methodologies referenced in this transaction are listed at the end of this press release.

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/413218.

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 rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for this rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This is a solicited credit rating.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

DBRS Limited
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

Operational Risk Assessments for Canadian Structured Finance (April 4, 2023)
https://www.dbrsmorningstar.com/research/412270

Legal Criteria for Canadian Structured Finance (June 22, 2022)
https://www.dbrsmorningstar.com/research/398729

Rating Canadian ABCP and Related Enhancement Features (March 3, 2023)
https://www.dbrsmorningstar.com/research/410528

Derivatives Criteria for Canadian Structured Finance (June 16, 2023)
https://www.dbrsmorningstar.com/research/415974

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].