DBRS Confirms Two LLA Ratings Related to Versailles Assets LLC

DBRS, Inc. (DBRS) has today confirmed the rating of AA (sf) to the Liquidity Loan Agreement (LLA) relating to C. AR2008 Funding Company, as well as the rating of AA (high) (sf) to the Liquidity Loan Agreement relating to RS Funding, Inc. C. AR2008 Funding Company and RS Funding, Inc. are transactions within Versailles Assets LLC, a commercial paper conduit sponsored and administered by Natixis, New York Branch.

The LLAs relating to C. AR2008 Funding Company and RS Funding, Inc. were credit assessed individually to a credit term securitization standard appropriate to the asset class of the loan. Key elements of this analysis include the integrity of the transaction structure, the creditworthiness of the underlying obligors and the enforceability of payment from such obligors under all circumstances.

The sources of information used for this rating include parties involved in the rating, including, but not limited to, Versailles Assets LLC, C.AR 2008 Funding Company, RS Funding, Inc. and Natixis. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

DBRS will monitor each LLA and its associated individual transaction to reflect changes in credit quality. The rating results will be updated and posted on the DBRS website.

The ratings address the timely payment of interest and principal.

The principal methodology is Trade Receivables, which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.