DBRS Ratings Limited Assigns Final Ratings to Red & Black Consumer France 2013

DBRS Ratings Limited (DBRS) has assigned final ratings of AAA (sf) to Class A floating rate notes issued by Red & Black Consumer France 2013 (the “Notes”). The Notes are backed by a pool of consumer loans originated in France by Sogéfinancement a wholly-owned subsidiary of Société Générale.

The ratings are based upon review by DBRS of the following analytical considerations:

• Transaction capital structure and form and sufficiency of available credit enhancement.
• Relevant credit enhancement in the form of subordination and fully funded reserve fund. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumption under various stress scenarios at AAA (sf) standard.
• The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.
• The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
• The credit quality of the collateral and ability of the servicer to manage collections activities on the collateral.
• The legal structure and presence of legal opinions addressing the assignment of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are:
• European Consumer and Commercial Asset-Backed Securitisations.
• Legal Criteria for European Structured Finance Transactions.
• Derivative Criteria for European Structured Finance Transactions.
• Operational Risk Assessment for European Structured Finance Servicers.
• Unified Interest Rate Model Methodology for European Securitisations.

These can be found on www.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 Sogéfinancement and their agents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality. The information upon which DBRS ratings and reports are based, and any other Content displayed on the Site, is obtained by DBRS from sources DBRS believes to be accurate and reliable. DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances.

This is the first DBRS rating on this financial instrument.

This is a newly created financial instrument.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

For additional information on this rating, please see the linking document located at <a href="http://dbrs.com/research/261462/red-black-consumer-france-2013-linking-document.pdf" target="_blank">www.dbrs.com</a>.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see <a href="http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml" target="_blank">cerep.esma.europa.eu</a>.

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

Lead Analyst: Bruno Franco
Back-up Analyst: Paolo Conti
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: October 8th, 2013

Last Rating Date: Not applicable as no last rating date.

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte

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