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

DBRS Limited (DBRS Morningstar) confirmed the Senior Short-Term Notes, Series 1996-1 issued by SAFE Trust; the Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust; the Senior Short-Term Notes, Series 2015-1 issued by SURE Trust; and the Senior Short-Term Notes, Series 2018-1 issued by STABLE Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the addition of a new transaction (Transaction 80) to the Trusts on December 16, 2019.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS Morningstar also released a transaction summary report providing details of Transaction 80, which is secured by a loan supported by a portfolio of rental contracts for primarily residential and some commercial water heaters; water treatment equipment; and heating, ventilation, and air conditioning units.

Notes:
The principal methodologies are Rating Canadian Structured Finance Transactions – Appendix: Residential Rental Equipment Contract Receivables 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.

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

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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