DBRS, Inc. (DBRS Morningstar) confirmed the ratings on the 4(2) Commercial Paper of Versailles Assets LLC and Versailles Commercial Paper LLC (the CP Programs) at R-1 (middle) (sf), pursuant to a review of annual performance data. Versailles Assets LLC and Versailles Commercial Paper LLC are asset-backed commercial paper (ABCP) conduits administered by Natixis Financial Products LLC (Natixis).
The rating confirmations reflect the following key analytical considerations:
-- The support provided by Natixis for the Liquidity Agreements for each transaction.
-- The support from the Credit Asset Purchase Agreement that provides program-wide enhancement for the CP Programs, which covers any losses that may occur after the liquidity funds.
-- The legal construct of the ABCP conduits.
The rating considerations for this confirmation include, but are not limited to, the rating of Natixis S.A.
Versailles Assets LLC and Versailles Commercial Paper LLC issue U.S. ABCP.
The principal methodology is Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits, which can be found on dbrs.com under Methodologies & Criteria.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
The principal asset class methodology employed in the analysis addressed one or more particular risks or aspects of the ratings and were factored into the rating decision. The ABCP methodology is the principal methodology.
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