DBRS Morningstar Comments on BPCE Demeter Tria FCT Following Transaction Amendment

DBRS Ratings GmbH (DBRS Morningstar) reviewed the impact of an amendment effective on 27 July 2023 (the Amendment) to the BPCE Demeter Tria FCT (the Issuer) transaction and concluded that the Amendment will not, in and of itself, result in a downgrade or withdrawal of the AAA (sf) credit rating of the Class A Notes.

The Amendment consists solely of a three-month extension of the initial 24-month revolving period, to 31 October 2023 payment date from 31 July 2023 payment date.

During the revolving period, the Issuer can purchase new receivables that the originator may offer, provided that certain conditions set out in the transaction documents are satisfied. None of these conditions have changed as part of the Amendment.

DBRS Morningstar confirmed the AAA (sf) credit rating on this transaction on 21 July 2023. For more information on this transaction please refer to https://www.dbrsmorningstar.com/issuers/27418/bpce-demeter-tria-fct.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-credit ratings (4 July 2023).

Notes:
A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at https://www.dbrsmorningstar.com/research/278375.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

For more information on these credits or on these industries, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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