DBRS Morningstar Updates Rating Report After TD Converts Prime Trust to Mortgage-Only Conduit With 100% Recovery Rate

DBRS Morningstar released an updated rating report for Prime Trust (the Trust) after its conversion to a mortgage-only Asset-Backed Commercial Paper conduit on July 27, 2023. The Trust is a multi-seller, residential mortgage securitization program administered by TD Securities Inc. that issues Senior Short-Term Asset-Backed Notes (the Notes) rated R-1 (high) (sf) by DBRS Morningstar. Liquidity facilities available to the Trust meet DBRS Morningstar’s Global Liquidity Standard, have a commitment amount equal to at least the face value (including interest, if any) of all outstanding Notes, and are provided by the Toronto-Dominion Bank (rated AA (high)/R-1 (high) by DBRS Morningstar).

Liquidity draws are available to support non-default assets plus defaulted assets up to a recovery rate. For residential mortgages, the recovery rate is set at 100% and therefore, following the conversion, liquidity is available to cover 100% of the assets, regardless of defaulted status.

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The full report is available at www.dbrsmorningstar.com.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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