DBRS Morningstar Confirms Bay Street Funding Trust’s Short-Term ABN, Series 1, Class A Notes at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed the rating on the Short-Term ABN, Series 1, Class A Notes issued by Bay Street Funding Trust (the Trust) at R-1 (high) (sf). The rating confirmation is in connection with the addition of a new transaction (Transaction 60) to the Trust on November 15, 2019.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS Morningstar released a transaction summary report providing details of Transaction 60, which consists of a portfolio of primarily open-ended lease receivables, financing fleets of individual cars, trucks and equipment.

Notes:
The principal methodologies are Rating Canadian Auto Fleet Lease Transactions and Rating Canadian ABCP and Related Enhancement Features, which can be found on dbrs.com under Methodologies & Criteria.

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.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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