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Fitch Downgrades Natixis Financial Products' Versailles ABCP
NEW YORK-(Business Wire)-July 28, 2008 - Fitch Ratings has downgraded U.S. commercial paper (USCP), European commercial paper (ECP) and secured liquidity notes (SLNs) issued by Versailles Commercial Paper LLC (Versailles CP) and Versailles Assets LLC (Versailles Assets) to 'F1' from 'F1+'. The program is sponsored by Natixis Financial Products Inc. (Natixis FP), which also provides 100% of liquidity support and program-wide credit enhancement. Although Natixis FP is not rated by Fitch, its obligations are guaranteed by Natixis.
The rating action follows Fitch's downgrade of Natixis' short-term rating to 'F1' from 'F1+'. For more information see the press release dated July 24, 2008, 'Fitch Downgrades Groupe Caisse D'epargne & Affiliates', available on the Fitch ratings web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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