DBRS Assigns Ratings to the Series A Notes Issued by Green FCT Lease 2012-1

DBRS, Inc. (“DBRS”) has today assigned a rating of AAA (sf) to the EUR 999,100,000 Series A Asset Backed Fixed Rate Notes due 2034 (the “Series A Notes” or the “Rated Notes”), issued by Green FCT Lease 2012-1 (the “Issuer”).

The transaction is a securitization of leases and rental agreements on vehicles, primarily vans. It involves a secured loan extended by Credit Agricole to Lixxbail and then transferred to Green FCT Lease 2012-1 (a French securitisation fund). The lessor is Lixxbail S.A., which is Credit Agricole’s indirect subsidiary for moveable-asset leasing. Lixxbail is 99.96% held by Credit Agricole Leasing & Factoring, itself 99.99% held by Credit Agricole S.A. The assets constituting the security are the receivables arising from the leases and rentals as well as, in the case of leases, any receivable generated by sale of the vehicle to a party other than the lessee.

The ratings are based upon review by DRBS of the following analytical considerations:
• The transactions’ capital structure and the form and sufficiency of available credit enhancement.
• Relevant credit enhancement in the form of subordination, a reserve fund and excess spread. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumptions under various stress scenarios for the Series A notes issued by Green FCT Lease 2012-1.
• The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.
• The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
• The credit quality of the collateral and ability of the servicer to perform collection activities on the collateral.
• The legal structure and presence of legal opinions addressing the assignment of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

The rating on the Class A Notes addresses the timely payment of interest and the ultimate payment of principal payable on or before the Maturity Date, on the Interest Payment Date occurring in May 2034.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are:
• Rating European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European ABS and SME CLO Servicers
• Unified Interest Rate Model Methodology for European Securitisations

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for these ratings include performance data relating to the receivables provided by Credit Agricole CIB. DBRS considers the information available to it for the purposes of providing these ratings was of satisfactory quality.

These ratings concern newly issued financial instruments.

This is the first DBRS rating on this financial instrument.

For additional information on these ratings, please refer to the linking document.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Richard Zogheb, Senior Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: June 11 2012