DBRS Downgrades FCT Triple P Units Based on an Amendment and Discontinues-Withdraws the Ratings

Pursuant to an amendment to the legal documentation related to the Class M Units and Class S Units (the Units) of FCT Triple P, DBRS, Inc. (DBRS) downgraded the ratings on the Units to BBB (high) (sf) from A (low) (sf). The amendment changed a primary reserve, which changed the risk profile of the Units to be commensurate with a BBB (high) (sf) rating. The Class M Units were administered by Natixis, and the Class S Units were administered by Barclays Bank PLC (Barclays; rated “A” with a Stable trend by DBRS).

Barclays has exited the transaction. DBRS has Discontinued-Withdrawn the ratings at the request of Natixis.

The sources of information used for the ratings include, but are not limited to, FCT Triple P, Natixis and Barclays. DBRS considers the information available to it for the purposes of providing this rating to be satisfactory.

Notes:
The principal methodology is Trade Receivables, which can be found on dbrs.com under Methodologies & Criteria.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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