DBRS Confirms Rating to the Obligation A Bonds Issued by FCT Oneycord, Compartiment Oneycord 1

DBRS Ratings Limited (DBRS) has reviewed the FCT Oneycord, Compartiment Oneycord 1 portfolio and confirms the AAA (sf) ratings on the Obligation A Bonds (the “Bonds”). The Bonds are backed by a portfolio of receivables arising from drawings made on revolving loans originated in France by Banque Accord.

The portfolio of receivables supporting the transaction is performing within DBRS expectations and available credit enhancement for the Bonds is sufficient to cover DBRS expected losses at the current rating level.

Natixis is the Account Bank and swap counterparty for the transaction. Natixis complies with the respective DBRS criteria given the rating of the Bonds.

Notes:

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;
• Derivative Criteria for European Structured Finance Transactions
• Master European Structured Finance Surveillance Methodology.

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 EuroTitrisation. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

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

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

The lead responsibilities for this transaction have been transferred to Keith Gorman.

Initial Lead Analyst: Gareth Levington
Initial Rating Date: 19 April 2011
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Most Recent Rating Date: 24 May 2012
Rating Committee Chair: Chuck Weilamann