DBRS Upgrades and Confirms Ratings of U.S. ABS Transactions

DBRS, Inc. (DBRS) has conducted a review of three publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the five classes reviewed, three were confirmed and two were upgraded.

The following public transactions were reviewed:
--Versailles Commercial Paper LLC - Harrison Petroleum Finance (2002)
--Magnum Films SPC
--Ascentium Equipment Receivables 2012-1 LLC

The collateral supporting the transactions is performing within DBRS expectations. For the ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient enough to cover DBRS-expected losses. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.

Notes:
The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology (October 2014), which can be found on our website under Methodologies.

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