DBRS Assigns Ratings to Asset Purchase Agreements Issued by Versailles Assets LLC

DBRS has assigned the ratings of AA (sf) to the Asset Purchase Agreements (APA) related to the following Versailles Assets LLC transactions:

• Versailles Assets LLC – B R
• Versailles Assets LLC – B L
• Versailles Assets LLC – B W
• Versailles Assets LLC – F R
• Versailles Assets LLC – F L
• Versailles Assets LLC – F W
• Versailles Assets LLC – CF R
• Versailles Assets LLC – CF A
• Versailles Assets LLC – CF W

All transactions are in Versailles, a commercial paper conduit sponsored and administered by Natixis Financial Products Inc. The rating addresses the timely payment of interest and principal.

The transactions supported by the respective APA’s related to Versailles Assets LLC were reviewed, including the integrity of the transaction structure, the creditworthiness of the underlying obligors and the enforceability of payment from the obligors under all expected circumstances.

DBRS will monitor the underlying transactions supported by the respective APA’s to reflect changes in credit quality.

The principal methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. & European ABCP Conduits, Rating U.S. Retail Auto Loan Securitizations, Rating U.S. Auto Lease Securitizations, and Rating U.S. Wholesale Auto Securitizations, all of which can be found on the DBRS website.

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