DBRS Assigns A (low) (sf) Rating to the Class M Units Issued by FCC Pacific EUR

Issuer: FCC Pacific EUR
Industry Group: Structured Finance
Sub-Industry: Trade Receivables

DBRS has assigned a rating of A (low) (sf) to the Class M Units related to FCC Pacific EUR. The above DBRS rating addresses the timely payment of interest and ultimate payment of principal.

The rating rationale for trade receivables is generally based on a portfolio’s ability to perform within certain thresholds for loss, dilution and carrying costs reserves, as well as other factors specific to trade receivables criterion. This particular transaction relies on counterparty’s covering credit risks generally up to a AA standard. However, the rating is limited by the counterparty ratings which can not migrate lower than the A (low) (sf) threshold, or the transaction will enter its wind-down phase.

The applicable public methodologies are U.S. Trade Receivables and Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

The sources of information used for this rating include parties involved in the rating, including but not limited to FCC Pacific EUR and Natixis. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

This rating concerns the M Class Units that were initially issued in June of 2009. This is the first DBRS rating on this financial instrument. This press release has been disclosed to the issuer to review for factual inaccuracies or for the presence of confidential information, no amendments were made as a result.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:
All figures are in Euro unless otherwise noted.