DBRS Confirms SOUND Trust, SAFE Trust and SURE Trust Notes at R-1 (high) (sf)

DBRS Limited (DBRS) has today confirmed the Senior Short-Term Notes, Series 1998-1 of SOUND Trust (SOUND), Senior Short-Term Asset-Backed Notes, Series 1996-1 of SAFE Trust (SAFE) and Senior Short Term Notes, Series 2015-1 of SURE Trust (SURE and, together with SOUND and SAFE, the Trusts) at R-1 (high) (sf). The rating confirmations are in connection with the addition of a new transaction (Transaction 55) to the Trusts. The new transaction is a restructuring of Transaction 55, which was previously solely funded by SOUND Trust. As part of the restructuring, the transaction documents have been amended to include, but are not limited to, an increase of the program limit, change in the enhancement structure and the addition of SAFE and SURE as lenders.

As part of DBRS’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS has released an updated transaction summary report providing details of Transaction 55, which consists of a portfolio of fixed-rate monthly, quarterly, semi-annual and annual pay lease and loan contracts secured by primarily new and some used small and mid-ticket equipment.

Notes:
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 Equipment Finance Securitization, Rating Canadian ABCP and Related Enhancement Features, Legal Criteria for Canadian Structured Finance and Derivatives Criteria for Canadian Structured Finance, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com