DBRS Confirms SAFE Trust’s Senior Short-Term Asset-Backed Notes, Series 1996-1 at R-1 (high) (sf)

DBRS has today confirmed the Senior Short-Term Asset-Backed Notes, Series 1996-1 of SAFE Trust (the Trust) at R-1 (high) (sf). The rating confirmation is based on amendments with respect to the program limit and enhancement floor to Transaction 51 on April 26, 2013.

As part of DBRS’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper (ABCP) conduit activity, DBRS has today released an updated transaction summary report providing details of Transaction 51, which consists of short-term, non-interest-bearing, unsecured trade receivables arising from the day-to-day business operations of a rated manufacturing company.

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

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 to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Rating Canadian Trade Receivables Securitization Transaction, Rating Canadian ABCP, Legal Criteria for Canadian Structured Finance and Hedge Counterparty Criteria for Canadian Structured Finance Transactions, which can be found on our website under Methodologies.