DBRS Assigns Ratings to the LLA supporting the FCOII transaction within Versailles’ ABCP Conduit

DBRS has today assigned a long-term rating of AA as of December 14, 2009, to the individual Liquidity Loan Agreement (LLA) related to the FCOII transaction within Versailles Commercial Paper LLC. FCOII is one of the transactions in Versailles, a commercial paper conduit sponsored and administered by Natixis Financial Products Inc.

The LLA related to FCOII was credit assessed individually to a credit term securitization standard appropriate to the asset class of the loan. Key elements of this analysis include the integrity of the transaction structure, the creditworthiness of the underlying obligors and the enforceability of payment of the obligors under all circumstances.

DBRS will monitor each LLA and its associated individual transaction to reflect changes in credit quality. The rating results will be updated and posted on the DBRS website.

The applicable public methodology is the Subscription Loan (Capital Call) Methodology, which can be found on the DBRS website.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This is a Structured Finance rating.