DBRS Confirms Rating to Green FCT Lease 2012-1

DBRS Ratings Limited (DBRS) has reviewed assets of Green FCT Lease 2012-1 (the “Issuer”) and confirms the AAA (sf) rating on the Series A Notes (the “Notes”). The securitisation is backed by a secured loan extended by Credit Agricole CIB to Lixxbail which was then transferred to the Issuer. The assets constituting the security for the loan are the receivables arising from leases and rental agreements, as well as any receivable generated by sale of the vehicle to a party other than the lessee. The leases and rental agreements are primarily on industrial vehicles, commercial cars, trucks and buses.

The assets supporting the transaction are performing within DBRS expectations and available credit enhancement for the Notes is sufficient to cover DBRS expected losses at the current rating level.

Credit Agricole Corporate and Investment Bank (CA-CIB) serves the role of Account Bank for the transaction. CA-CIB complies with the DBRS criteria for Account Bank given the rating of the Notes.

Notes:

The principal methodologies applicable are:
• Rating European Consumer and Commercial Asset-Backed Securitisations.
• Legal Criteria for European Structured Finance Transactions.
• Operational Risk Assessment for European Structured Finance Servicers.
• Master European Structured Finance Surveillance Methodology.

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for this rating include data on the underlying receivables provided by CA-CIB and investor reports provided by Eurotitrisation. 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 see the linking document located at http://dbrs.com/research/258460/linking-document-green-fct-lease-2012-1.pdf

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

The lead responsibilities for this transaction have been transferred to Keith Gorman.

Initial Lead Analyst: Richard Zogheb
Initial Rating Date: 11 June 2012
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Chuck Weilamann