DBRS Confirms Two Liquidity Loan Agreement Ratings Related to Versailles Assets LLC

DBRS, Inc. (DBRS) has today confirmed the rating of AA (sf) to the Liquidity Loan Agreement (LLA) related to Versailles Assets LLC C. AR2008 Funding Company (C. AR2008 Funding Company) and the rating of AA (high) (sf) to the LLA related to Versailles Assets LLC RS Funding, Inc. (RS Funding, Inc.). Both 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 (Natixis).

The LLAs related 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 each loan. Key elements of this analysis included 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, but are not limited to, Versailles Assets LLC; C. AR2008 Funding Company; RS Funding, Inc.; and Natixis. DBRS considers the information available to it for the purposes of providing these ratings to be of satisfactory quality.

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 payments of interest and principal.

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

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

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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