DBRS Confirms CARE Trust’s Series A, Short-Term Asset-Backed Notes at R-1 (high)

Dominion Bond Rating Service (DBRS) has today confirmed the rating of CARE Trust’s (the Trust). Series A, Short-Term Asset-Backed Notes (the Notes) at R-1 (high).

The Trust is a multi-seller, multi-asset securitization conduit administered by BMO Nesbitt Burns (BMO). There are no restrictions concerning asset types, but each asset purchase supporting the Notes is subject to the approval of DBRS and BMO.

The rating confirmation is based on the following considerations:

(1)High credit enhancement levels consistent with similarly rated programs in Canada.
(2)The availability of liquidity facilities for the Notes in the event of a general market disruption subject to certain other preconditions for funding.
(3)A required minimum credit rating of R-1 (middle) or its equivalent for Liquidity Providers, Credit Enhancers and Hedge Counterparties unless otherwise approved by DBRS.
(4)All transactions reviewed by DBRS prior to initial funding by the Trust.
(5)The significant experience of BMO in the structuring of securitization transactions and administration of vehicles.

As of October 31, 2006, the program amount of the Trust was $3,044 million with assets consisting of 34% auto loans/leases, 28% residential mortgages and 19% floor plan finance.

CARE Trust is one of eight multi-seller conduits administered by BMO, with aggregate outstanding amounts of $21,953 million as of October 31, 2006.

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