DBRS Assigns A (sf) Ratings to Notes Issued by Crecera Americas LLC

DBRS, Inc. (DBRS) assigned a rating of A (sf) to the Series 1 Notes and Series 2 Notes (together, the Notes) issued by Crecera Americas LLC. The trade finance receivables that underlie the Notes are insured for default by the National Union Fire Insurance Company of Pittsburgh, PA, a subsidiary of AIG. The rating is linked to the rating of the insurer.

The Notes were issued pursuant to the Receivable Sale Agreement dated as of August 31, 2017, among Crecera Americas LLC as Issuer; Petra Management Limited, as Program Manager; and Bank of New York Mellon, as Trustee.

The DBRS ratings address Crecera Americas LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Maturity Date (as defined in the transaction documents).

The ratings reflect the following:
-- The Receivables Sales Agreement dated August 31, 2017, and the related transaction documents;

-- The integrity of the transaction structure;

-- DBRS’s assessment and review of the insurance policy;

-- Adequate credit enhancement to cover principal and interest in full and on time along with senior expenses; and

-- DBRS’s assessment of the origination, servicing of Crecera Trade Finance Ltd.

The sources of information used for this rating include parties involved in the rating, including, but not limited to, Petra Management Limited and Crecera Trade Finance Ltd. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

Notes:
The principal methodology is Rating U.S. Structured Finance Transaction, specifically Appendix V – Obligations Backed by Insurance Policy, which can be found on dbrs.com under Methodologies.

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.