DBRS Confirms A (high) (sf) Rating to the Class Am and Class Bm Senior Units of FCT VEGA

DBRS, Inc. (“DBRS”) has confirmed the rating of A (high) (sf) to the Class Am and the Class Bm Senior Units issued by FCT VEGA. The trade receivable transaction is administered by Natixis. The rating addresses the timely payment of interest and ultimate payment of principal.

The confirmation of the rating reflects the ongoing performance of the Trade Receivables transaction.

The principal methodology is U.S. Trade Receivables Methodology, which can be found on www.dbrs.com.

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

Lead Analyst: Matthew La Capra
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 16 March 2012

For additional information on this rating, please see European Trade Receivables Linking Document.

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

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