DBRS Assigns Ratings to Liquidity Loan Agreements Supporting Versailles Commercial Paper, LLC

DBRS has today assigned a long-term rating of AA as of June 30, 2009, to the individual liquidity loan agreement (LLA) related to the SCHF II U.S. Holdings, L.P., SCHF II U.S. Debt II Holdings, L.P., SCHF II International Holdings, L.P. and SCHF II International Debt II Holdings, L.P. (SH II Funds). SH II Funds is one of the transactions in Versailles, a commercial paper conduit sponsored and administered by Natixis Financial Products Inc.

The LLA related to Starwood Hotel Fund II was credit assessed individually to a credit term securitization standard appropriate to the asset class of the loan. Key elements of this analysis include the integrity of the transaction structure, the creditworthiness of the underlying Limited Partners, and the enforceability of payment of the Limited Partners under all circumstances. The applicable public methodology is the Asset-Backed Commercial Paper Criteria Report: U.S.ABCP Conduits – Credit and Liquidity, which can be found on our website under Methodologies, as well as DBRS’s internal methodology for subscription loans.

DBRS will monitor each LLA and its associated individual transaction to reflect changes in credit quality. The rating results will be updated and posted on the DBRS website.