DBRS Assigns A (high) to the LLA related to PC Receivables Ltd. within Versailles’ ABCP Conduit

DBRS has assigned a long-term rating of A (high) as of April 19, 2010, to the individual Liquidity Loan Agreement (LLA) related to PC Receivables Ltd. transaction within Versailles Commercial Paper LLC. PC Receivables Ltd. is one of the transactions in Versailles, a commercial paper conduit sponsored and administered by Natixis Financial Products Inc.

The LLA related to PC Receivables Ltd. was credit assessed individually to a credit term securitization standard appropriate to the asset class of the loan. The applicable public methodology is the U.S. Trade Receivables 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.