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

DBRS Limited (DBRS Morningstar) confirmed the Senior Short-Term Notes, Series 1998-1 issued by SOUND Trust (SOUND), Senior Short-Term Notes, Series 1996-1 issued by SAFE Trust (SAFE), and Senior Short Term Notes, Series 2015-1 issued by SURE Trust (SURE, and together with SOUND and SAFE, the Trusts) at R-1 (high) (sf). The rating confirmations are pursuant to the addition of a new transaction (Transaction 90) to the Trusts on June 24, 2022.

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 90, which consists of a note backed by a security interest in a portfolio of retail auto loan receivable contracts and related rights (the Portfolio of Loans). The Portfolio of Loans was originated by a captive auto finance company operating in Canada.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Canadian Auto Retail Loan and Lease Securitizations (October 27, 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.

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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