Morningstar DBRS Confirms Canadian Master Trust's Seventh Amended and Restated Series A Note Liquidity Agreement at AAA (sf)

DBRS Limited (Morningstar DBRS) confirmed the rating of AAA (sf) on the Seventh Amended and Restated Series A Note Liquidity Agreement (the Liquidity) provided by a liquidity lender to Canadian Master Trust (the Trust) as support for the Trust's Series A Notes (the Asset-Backed Commercial Paper (ABCP); rated R-1 (high) (sf) by Morningstar DBRS). The Liquidity meets the global liquidity standard expected by Morningstar DBRS for the ABCP as outlined in Schedule A of Morningstar DBRS' "Rating Canadian ABCP and Related Enhancement Features" methodology (February 24, 2025).

CREDIT RATING RATIONALE/DESCRIPTION
The rating on the Liquidity is an opinion on the Trust's capacity to meet its financial obligations to the liquidity lender in accordance with the terms of the Liquidity. As indicated in Schedule E of Morningstar DBRS' "Rating Canadian ABCP and Related Enhancement Features" methodology, the rating on the Liquidity is based on the underlying transactions and programs funded by the Trust (the Assets) as the collections from those Assets will be the basis upon which the Trust will be in a position to meet its financial obligations under the Liquidity in the event that it draws on the Liquidity. All Assets currently have a transaction assessment (as defined in Morningstar DBRS' "Legal and Derivatives Criteria for Canadian Structured Finance (August 12, 2024)) of AAA (sf) as outlined in Morningstar DBRS's Monthly Canadian ABCP Reports.

Morningstar DBRS' credit ratings on the applicable classes 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.

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.

The rating was assigned at the request of the liquidity lender.

Notes:
The principal methodology applicable to the credit rating is Master Canadian Structured Finance Surveillance Methodology (August 06, 2024) https://dbrs.morningstar.com/research/437538.

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 Info-DBRS@morningstar.com.

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

DBRS Limited
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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 (August 12, 2024)
https://dbrs.morningstar.com/research/437761

Rating Canadian ABCP and Related Enhancement Features (February 24, 2025)
https://dbrs.morningstar.com/research/448506

Operational Risk Assessments for Canadian Structured Finance (March 28, 2025)
https://dbrs.morningstar.com/research/450831

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 https://dbrs.morningstar.com/ or contact us at Info-DBRS@morningstar.com.