Fitch Ratings has downgraded the ratings assigned to the asset-backed commercial paper (ABCP) and Euro-denominated asset-backed commercial paper (ECP) (collectively ABCP) issued by
The downgrade is due to the downgrade of
The applicable rating for the rating assignment to ABCP in the case of Versailles CP's ABCP is the short-term senior preferred debt rating of
RATING ACTIONS
Entity / Debt
Rating
Prior
ABCP
ST
F1sf
Downgrade
F1+sf
ECP
ST
F1sf
Downgrade
F1+sf
Page
of 1
VIEW ADDITIONAL RATING DETAILS
KEY RATING DRIVERS
Support Provider Credit Quality: ABCP issued by Versailles Assets benefits from program-wide committed liquidity support provided by Natixis New York Branch (NNYB) in the form of a liquidity loan agreement (LLA) sized to cover 100% of the outstanding balance each asset funded by
Sponsor/Administrative Agent Capabilities: NNYB serves as
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Direct Linkage to Liquidity and Credit Support Counterparty Ratings:
Sponsor/Administrator Capabilities: Fitch's rating analysis also reflects NNYB's administrative capabilities and track record as the program administrator. Fitch conducted an operational review of NNYB in connection with its responsibilities as administrator and will do so periodically or as warranted by certain events. These reviews entail discussions with senior management as well as operational reviews covering CP issuance, IT administration systems, administrative and credit policies, and portfolio composition. An on-site review does not constitute due diligence. Fitch relies on the accuracy of data it is provided. Material deterioration in the managerial/administrative capabilities could result in negative rating actions; however, ratings will not be upgraded due to increased managerial/administrative capabilities.
A downgrade of one category to the short-term senior preferred debt rating of
A downgrade of two categories to the short-term senior preferred debt rating of
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of one category to the short-term senior preferred debt rating of
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The rating of the ABCP issued by Versailles CP is directly linked to the short-term senior preferred debt ratings of
Additional information is available on www.fitchratings.com
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