DBRS Confirms Rating on MAGENTA S.T. Compartment 2010 - 007 - Free Mobility

DBRS, Inc. (DBRS) has reviewed the Liquidity Facility supporting the Registered Notes provided by Natixis’s ABCP conduit, Managed and Enhanced TAP (MAGENTA) Funding S.T. to Free Mobility No. 4 UG and has confirmed the AA (sf) rating on the Natixis Liquidity Facility. The transaction is a commercial paper conduit warehouse line for new and used auto loans originated by FFS Bank GmbH in Germany.

The collateral supporting the transaction is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

Note:
All figures are in Euros (€) unless otherwise noted.

The principal methodologies applicable are:
• Master European Structured Finance Surveillance Methodology
• European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Swap Criteria For European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance 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 this rating include performance data relating to the receivables provided by FFS Bank GmbH. DBRS considers the information available to it for the purposes of providing this rating confirmation was of satisfactory quality.

For additional information on this rating, please see the linking document.

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: Lain Gutierrez
Rating Committee Chair: Chuck Weilamann
Initial Rating Date: November 5, 2010