DBRS Assigns Rating to the FCC AQUEDUC II Parts A2&B2

DBRS has today assigned a long-term rating of A (low) to the senior Parts A2&B2 (the Units) issued by FCC AQUEDUC II. The rating is based on information as of December 31, 2008, and is contingent on an operational review of the servicer of the trade receivables program that supports the Units. The Units are backed by trade receivables that were reviewed for their ability to perform within certain thresholds for loss reserves, carrying costs and dilution, as well as other factors specific to the trade receivables portfolio.

Notes:
The applicable public methodology is Trade Receivable Securitization Methodology, which can be found on our website under Methodologies. DBRS has also applied appropriate market-specific trade receivables standards to arrive at this rating.

This is a Structured Finance rating.