DBRS Morningstar Updates Transaction Summary of Storm King Funding’s Transaction 75

DBRS Limited (DBRS Morningstar) released an updated Transaction Summary report that provides details on Transaction 75 of Storm King Funding, which is secured by a portfolio of retail auto lease receivable contracts and related leased vehicles (automobiles and sport-utility vehicles). The update reflects an increase to the required cash reserve amount.

DBRS Morningstar considered additional analyses and, where appropriate, additional adjustments to expected performance as a result of the global efforts to contain the spread of Coronavirus Disease (COVID-19). On June 1, 2020, the DBRS Morningstar Sovereigns group published its updated outlook on the impact of the pandemic on key economic indicators for the 2020–22 time frame. For details see https://www.dbrsmorningstar.com/research/361867. DBRS Morningstar’s analysis considered impacts consistent with the moderate scenario in the referenced commentary.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodologies are Rating Canadian Auto Retail Loan and Lease Securitizations (October 11, 2019) and Rating Canadian ABCP and Related Enhancement Features (March 18, 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.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

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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