Canada

DBRS Morningstar and Moody’s Investors Service have assigned preliminary ratings to the Classic RMBS Trust, Series 2020-1 transaction sponsored by Home Trust Co.

A top official at the Office of the Superintendent of Financial Institutions defended tougher underwriting rules blamed recently for a slump in the nation’s housing market, but left open the possibility that regulations could ease if conditions change.

TD Bank joins RBC and Bank of Montreal in sponsoring U.S.-dollar securitizations of prime credit-card receivables from its managed portfolio. The market is still awaiting its first U.S. institutional deal.

The deal is the first credt card securitization by anyone in 2019 and features two-year floating-rate notes from RBC's master trust.

Coping with merging two securitization platforms and the integration of GE Capital's former fleet lease and management business, the Canadian lessor has seen 30-plus and 60-plus delinquencies more than triple.

More than 90% of the collateral for Ford Credit Canada's CAN$614M transaction is popular light-duty trucks that have propelled the automaker's leading 15.5% domestic market share.

Canadian officials are working to slow a rapid rise in home prices that's being attributed to tight inventory levels in the country's largest cities and is threatening to create a housing bubble.