DBRS Morningstar Updates Transaction Summary 30 for Ridge Trust

DBRS Limited (DBRS Morningstar) released an updated Transaction Summary report that provides details on Transaction 30 of Ridge Trust, 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 equipment. The update reflects a number of amendments to the program including the ability to fund assets originated by an Affiliate of the Seller and adjustments to the calculation of the required level of subordination.

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 the Coronavirus Disease (COVID-19) pandemic. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020. The scenarios were updated on December 2, 2020, and reflect the updated scenarios in our rating analysis. For details see https://www.dbrsmorningstar.com/research/370672/. 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 Structured Finance Transactions – Appendix: Residential Rental Equipment Contract Receivables (April 15, 2020) 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 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 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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