DBRS has placed the short-term ratings of Canadian asset-backed commercial paper (ABCP) that does not meet global liquidity standards (GLS) under review.

Back in January, the rating agency said it was told that all non-compliant issuers were pursuing GLS compliance, or would remove their ABCP from the market by March 31.

Today, the rating agency said it has placed the ratings for ABCP issued by Titanium Asset-Backed Trust and Maple NHA Mortgage Trust under review with developing implications. It also maintained the rating of Superior Trust and Foundation Trust under review.

It noted that the four trusts all have short-term notes outstanding with liquidity support agreements that are not compliant with the criteria for global liquidity standard ABCP published by DBRS on Sept. 12, 2007.

Putting these ratings under review reflects the ongoing negotiation and restructuring of funding arrangements for the trusts, it said. “If resolution of these negotiations is not achieved on a timely basis, the trusts may be subject to further rating actions,” DBRS added.