Morningstar DBRS Confirms Credit Rating on Meridian OneCap Limited Partnership's Variable Rate Equipment Contract Backed Notes, Series 2016-1, Class A

DBRS Limited (Morningstar DBRS) confirmed its credit rating on the following notes issued by Meridian OneCap Limited Partnership as part of Morningstar DBRS' continued effort to provide market participants with updates on an annual basis:

-- Variable Rate Equipment Contract Backed Notes, Series 2016-1, Class A at AAA (sf) (the Notes)

The portfolio continues to perform within Morningstar DBRS's expectations, and the high level of credit enhancement available continues to provide sufficient protection to the Notes at their current credit rating.

Morningstar DBRS monitors the performance of each transaction to identify any deviation from Morningstar DBRS' expectation at issuance and to ensure the credit ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers.

This credit rating has been assigned at the request of the Note purchasers.

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

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.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) 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 Factors in Credit Ratings (13 August 2024) https://dbrs.morningstar.com/research/437781.

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

The principal methodology applicable to the credit rating is Master Canadian Structured Finance Surveillance Methodology (06 August 2024) https://dbrs.morningstar.com/research/437538.

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

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 info-DBRS@morningstar.com.

The credit rating was initiated at the request of the rated entity.

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

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

This is a solicited credit rating.

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

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

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

Legal and Derivatives Criteria for Canadian Structured Finance (12 August 2024)
https://dbrs.morningstar.com/research/437761

Operational Risk Assessments for Canadian Structured Finance (06 August 2024)
https://dbrs.morningstar.com/research/437547

Rating Canadian Equipment Finance Securitization Transactions (25 September 2024)
https://dbrs.morningstar.com/research/439989

A description of how Morningstar DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/410863.

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