DBRS Ratings Limited Confirms Natixis’ Liquidity Facility to MAGENTA S.T. Compartment 2010 – 007 – Free Mobility

DBRS Ratings Limited (DBRS) has today confirmed an AA (sf) rating to the liquidity facility supporting the Registered Notes provided by Natixis within ABCP conduit, Managed and Enhanced TAP (MAGENTA) Funding S.T. to Compartment 2010-007-Free Mobility. The Liquidity Facility is in the amount of 150 million Euros. The rating on the liquidity facility mirrors the risk on the notes. The originator is FFS Bank GmbH, a company with limited liability, wholly owned by the FFS GmbH group, which in turn is wholly owned by the Emil Frey group. Receivables are auto-loans and include ancillary rights such as security right to the financed vehicle and any property insurance.

DBRS reviewed amendments to the transaction with the primary changes including the addition of a new conduit lender, a new back-up servicer from Hanseatic Bank Gmbh & Co KG to Bankaktiengesellschaft (BAG) and a new transaction security trustee and data trustee from BNY Mellon to Wilmington Trust London Limited. DBRS conducted an operational risk review and deems BAG to be an acceptable back-up servicer. DBRS also reviewed a Jersey legal opinion that addresses the capacity and due execution of the Jersey issuer. DBRS also reviewed a German legal opinion that addresses the capacity, due execution and validity of the transfer. DBRS also reviewed a tax opinion to cover any withholding tax issues which might have arisen from the transfer.

Credit enhancement in the form of a cash reserve was increased proportionally and, on a percentage basis, remains unchanged from the transaction closing.

Note:
The principal methodology applicable is the Master European Structured Finance Surveillance Methodology found on our website under Methodologies.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please refer to the linking document completed at the time the transaction was originally rated on November 5, 2010.

Lead Analyst: Alessio Pignataro
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 05 November, 2010