DBRS Morningstar Confirms Rating on Temperance Street Funding Trust at R-1 (high) (sf)

DBRS Limited (Morningstar DBRS) confirmed its credit rating of R-1 (high) (sf) on the Series 1 Asset-Backed Commercial Paper Notes, Class Polar (the Notes) issued by Temperance Street Funding Trust (the Trust). The credit rating confirmation is based on the addition of a new transaction to the Trust on April 15, 2026.

CREDIT RATING RATIONALE/DESCRIPTION
As part of Morningstar DBRS' ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, Morningstar DBRS released a transaction summary report providing details of Transaction 93, which consists of notes backed by a security interest in a portfolio of retail auto loan receivable contracts and related rights (the Portfolio of Loans). The Portfolio of Loans was originated by a captive auto finance company operating in Canada.

Morningstar DBRS' credit ratings on the Notes 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. 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, 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 (May 16, 2025) https://dbrs.morningstar.com/research/454196.

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

The principal methodology applicable to the credit rating is Rating North American Auto Retail Loan and Lease Transactions (September 30, 2025) https://dbrs.morningstar.com/research/463845.

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 [email protected].

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.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

Morningstar DBRS expects Structured Finance issuers and originators of Structured Finance products to make all relevant information regarding these products available to investors to conduct their own analyses.

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

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 600
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 (June 24, 2025)
https://dbrs.morningstar.com/research/456831

Rating Canadian ABCP and Related Enhancement Features (February 18, 2026)
https://dbrs.morningstar.com/research/474344

Operational Risk Assessments for Canadian Structured Finance (April 02, 2026)
https://dbrs.morningstar.com/research/478045

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 [email protected].