DBRS Confirms Commercial Paper Ratings of Versailles Assets LLC and Versailles Commercial Paper LLC

DBRS, Inc. (DBRS) confirmed the ratings of R-1 (middle) (sf) on the 4(2) Commercial Paper issued by Versailles Assets LLC (Versailles Assets) and Versailles Commercial Paper LLC (Versailles CP), sponsored by Natixis Financial Products Inc. (Natixis).

This confirmation is a result of the review of the program amendments to Versailles Assets and Versailles CP dated as of December 10, 2018.

The ratings are based upon a review of Versailles Assets and Versailles CP both individually and as structures that are interrelated. Taken as a whole, DBRS reviewed the asset and liability structures, the transaction portfolios, the liquidity support and the Program-Wide Credit Enhancement, among other information, in order to confirm the comprehensive risk profiles.

The sources of information used for these ratings include parties involved in the ratings, including but not limited to Versailles Assets, Versailles CP and Natixis. DBRS considers the information available to it for the purposes of providing these ratings to be satisfactory.

Notes:
The principal methodology is the Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits, which can be found on dbrs.com under Methodologies & Criteria.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

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

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