DBRS Releases December 2008 Monthly Canadian ABS Report

DBRS has today released its Monthly Canadian ABS Report, which provides an overview of the Canadian term asset-backed securities (ABS) market for the month ended December 31, 2008. The report provides detailed information on the $33.2 billion market, with disclosure on issuance volumes, asset composition and 12-month transaction performance histories. New transactions and rating actions that took place during and after the reporting period are also summarized in the report.

As of December 31, 2008, total outstanding amounts for the Canadian ABS market stood at $33.2 billion, down 1.6% from $33.8 billion in October.

The Canadian ABS market has been dominated by consumer obligations. The three largest asset classes, as of December 31, 2008, were credit cards (68.1%), personal lines of credit (secured 9.3% and unsecured 0.3%), and auto loans and leases (4.7% and 2.9%, respectively).

As part of a continuous effort to improve reporting transparency, DBRS has improved the reporting on Equipment Loans / Lease and Floorplan programs to include the details of each credit enhancement form and additional information in a footnote. DBRS believes that the improved reporting will provide investors with a better understanding of how the notes are enhanced.

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