DBRS Assigns Rating to the Liquidity Loan Agreement Related to the AFP Funding II, L.P.

DBRS has today assigned a long-term rating of AAA as of December 31, 2008, to the liquidity loan agreement (LLA) related to the AFP Funding II, L.P., one of the transactions that support the commercial paper issued by Versailles Commercial Paper LLC (Versailles), an asset-backed commercial paper (ABCP) vehicle administered by Natixis Financial Products Inc.

The LLA related to AFP Funding II, L.P. was credit-assessed to a credit term securitization standard appropriate to the asset class of the loan. DBRS will monitor the LLA to reflect changes in credit quality. The rating results will be updated and posted on the DBRS website.

Notes:
The applicable methodologies are The Drivers of U.S. Auto Loan Credit Enhancement; Rating Criteria for U.S. Auto Loan-Backed Transactions; and the Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits – Credit and Liquidity.

This is a Structured Finance rating.