Morningstar DBRS Updates Transaction Summary 11 of Canadian Master Trust

DBRS Limited (Morningstar DBRS) released an updated transaction summary report providing details of Transaction 11 of Canadian Master Trust, which consists of a portfolio of Program and Non-Program rental vehicles and vehicle receivables. This update is part of Morningstar DBRS' ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity.

Morningstar DBRS' credit rating on the Notes addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the Face Amount of the Notes and any accrued interest.

Morningstar DBRS' credit rating does not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

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 Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://dbrs.morningstar.com/research/427030.

Notes:
The principal methodology applicable to the credit ratings is Rating Canadian Auto Retail Loan and Lease Securitizations (June 28, 2024) https://dbrs.morningstar.com/research/435272.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com/ or contact us at info-DBRS@morningstar.com.

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