DBRS Morningstar Updates Transaction Summary 60 of King Street Funding Trust and Bay Street Funding Trust

DBRS Limited (DBRS Morningstar) released an updated Transaction Summary report that provides details on Transaction 60 of King Street Funding Trust and Bay Street Funding 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 several amendments made to the program, some of which include an extension of the program by one year, an increase in the program commitment amount, and an increase to the required level of subordination and overcollateralization.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodologies are Rating Canadian Structured Finance Transactions – Appendix: Residential Rental Equipment Contract Receivables (April 13, 2021) and Rating Canadian ABCP and Related Enhancement Features (March 12, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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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