DBRS Assigns AA (sf) Rating to the LLA Related to Versailles Assets LLC – C. AR2008 Funding Company

DBRS has assigned a rating of AA (sf) to the Liquidity Loan Agreements (LLA) dated as of July 7, 2011 related to C. AR2008 Funding Company. C. AR2008 Funding Company is one of the transactions in Versailles Assets LLC, a commercial paper conduit sponsored and administered by Natixis, New York Branch. The rating addresses the timely payment of principal and interest.

The LLAs related to C. AR2008 Funding Company were 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 from such 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 principal methodology is U.S. Trade Receivables, which can be found on our website under Methodologies.