DBRS Confirms A (sf) Ratings on Class Am and Class Bm Senior Units Issued by FCT VEGA

DBRS, Inc. (DBRS) has today confirmed the A (sf) ratings on both the Class Am Senior Units and the Class Bm Senior Units (collectively, the Units) issued by FCT VEGA. 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 that cover specific parts of the risk within this receivables portfolio. The ratings address the timely payment of interest and the ultimate payment of principal.

The confirmation of the ratings reflects the ongoing performance of the trade receivables transactions.

The sources of information used for these ratings comprise parties involved in the ratings, including, but not limited to, FCT VEGA and Natixis S.A. DBRS considers the information available to it for the purposes of providing these ratings to be of satisfactory quality.

Notes:
The principal methodology is Trade Receivables, which can be found on dbrs.com 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 not participate in the rating process. DBRS did have access to the accounts and other relevant internal documents of the rated entity or its related entities.