Press Release

DBRS Morningstar Confirms Banner Trust, Merit Trust, Prime Trust, Reliant Trust, and Zeus Receivables Trust at R-1 (high) (sf)

ABCP
March 20, 2020

DBRS Limited (DBRS Morningstar) confirmed the asset-backed commercial paper notes of Banner Trust, Merit Trust, Prime Trust, Reliant Trust, and Zeus Receivables Trust (collectively, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to an inclusion of a transaction (Transaction 26) to the Trusts on March 20, 2020.

As part of DBRS Morningstar’s ongoing efforts to increase the transparency of reporting asset-backed commercial paper conduit activity, DBRS Morningstar has also released a transaction summary report providing the details of Transaction 26, which consists of a portfolio of short-term, non-interest-bearing trade receivables arising from the day-to-day operations of the seller.

Notes:
The principal methodologies are Rating Canadian Trade Receivables Securitization Transactions (November 2019) and Rating Canadian ABCP and Related Enhancement Features (March 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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@dbrsmorningstar.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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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