European Auto ABS Index Report Q3 2009?Spain Still Shows Deteriorating Performance Dec 09

Standard & Poors, December 2009

Abstract
Overall delinquency rates in Standard & Poor's Ratings Services' European auto asset-backed securities (ABS) indices have decreased by 10 basis points (bps) during Q3 2009, compared with the end of Q2. This decrease was mainly due to changes in the composition of the index, rather than a marked improvement in performance. We added three new transactions with at least eight months of performance. At the same time, five publicly rated transactions and three privately rated transactions have redeemed and so we removed them from the index. Loans more than 90 days in arrears increased by 6 bps to 1.65% in September 2009, compared with 1.59% at the end of Q2. However, we note that the magnitude of the increase has...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Quarzo Lease S.r.l.,SAGRES Sociedade de Titularizacao de Creditos, S.A.,BMORE Finance No. 4 PLC,Chaves Funding No. 4 PLC,BBVA Autos 1 Fondo de Titulizacion de Activos,BBVA Autos 2, Fondo de Titulizacion de Activos,Auto ABS Compartiment 2006-1,LTR Finance No. 6 PLC,CARS ALLIANCE AUTO LOANS FRANCE FCC,Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06,Driver Three GmbH,AUTO ABS COMPARTIMENT 2007-1,BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos,Fondo de Titulizacion de Activos Santander Consumer Spain Auto 07-1,Bavarian Sky S.A.,Auto ABS S.r.l.,CARS ALLIANCE AUTO LOANS GERMANY FCC,FCT Eurotruck Lease II,Bumper 2 S.A.,SC Germany Auto 08-1 Ltd.,AUTO ABS COMPARTIMENT 2008-1,Driver Six GmbH,Globaldrive Auto Receivables 2008-B B.V.,SC Germany Auto 08-2 Ltd.,MANTAB Funding Ltd.,LTR Finance No. 7 Ltd.,Private VCL S.A., Compartment Private VCL 2009-1,FCT GINKGO CONSUMER FINANCE Compartment Ginkgo Consumer Finance 2009-1,Leasetotta No.1 Ltd.,Globaldrive Auto Receivables 2009-B B.V.,Private VCL S.A., Compartment Private VCL 2009-2,Private VCL S.A., Compartment Private VCL 2009-3,VCL Multi-Compartment S.A., Compartment VCL 11,E-CARAT SA,Globaldrive Auto Receivables 2009-C B.V.,Red & Black Consumer Italy S.r.l.,Globaldrive Auto Receivables 2009-D B.V.

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