DBRS Downgrades FCT VEGA Class Am and Class Bm Senior Units

DBRS has today downgraded the rating of the Class Am and Class Bm Senior Units (the Units) issued by FCT VEGA to A (sf) from A (high) (sf). The Units are backed by trade receivables that were reviewed for their ability to perform within certain thresholds for loss reserves, carrying costs and dilution, as well as other factors specific to the trade receivables portfolio. The downgrade is based on an amendment to the transaction documents on July 25, 2014, which changed some structural features causing partial reliance on the financial strength of the guarantor of the program.

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

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

The applicable public methodology is Trade Receivable Securitization Methodology, which can be found on our website under Methodologies. DBRS has also applied appropriate market-specific trade receivables standards to arrive at this rating.