DBRS Morningstar Confirms Rating on Lakeshore Trust at R-1 (high) (sf)

DBRS Limited (DBRS Morningstar) confirmed its rating on the Series 1 Asset-Backed Commercial Paper Notes issued by Lakeshore Trust (the Trust) at R-1 (high) (sf). The rating confirmation is based on the addition of a new transaction to the Trust (Transaction 438) on March 1, 2023.

As part of its ongoing efforts to increase the transparency of reporting on asset-backed commercial paper conduit activity, DBRS Morningstar released a transaction summary report providing details of Transaction 438, which consists of a collateral loan that is supported by a portfolio of floorplan auto receivables. The transaction is fully supported under the terms of a full wrap liquidity agreement.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or 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 (May 17, 2022).

Notes:
The principal methodology applicable to the rating is Rating Canadian ABCP and Related Enhancement Features (March 3, 2022; https://www.dbrsmorningstar.com/research/393259).

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at: https://www.dbrsmorningstar.com/about/methodologies.

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.

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