European Auto ABS Index Report Q2 2010—Performance Deterioration Levels Out Sep 10

Standard & Poors, September 2010

Abstract
In the second quarter of 2010, the performance of the collateral backing European auto asset-backed securities (ABS) continued to improve slightly, but delinquency levels remain high. Also, performance of countries within the index remains mixed: Spanish and Portuguese auto ABS transactions reported the weakest figures, compared with those with assets located in Germany or France. On average, Standard & Poor's Ratings Services believes performance has stabilized and deterioration has leveled out. GDP growth in most European countries has increased, while rises in unemployment rates were smaller than expected. Therefore, the credit environment for European auto ABS has improved marginally from Q1 2010, in our view. Nevertheless, we believe that positive economic developments in Europe might continue at a slower pace....

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
- League 2004-1 Ltd.
- Chaves Funding No. 4 PLC
- BBVA Autos 1 Fondo de Titulizacion de Activos
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- AUTO ABS COMPARTIMENT 2007-1
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- Globaldrive Auto Receivables 2009-B B.V.
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- Globaldrive Auto Receivables 2009-D B.V.
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- VCL Master S.A., Compartment 1
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- Driver Seven GmbH
- VAB Auto Receivables 2009 B.V.
- Globaldrive Auto Receivables 2010-A B.V.
- Cars Alliance Auto Loans Germany FCT
- SC Germany Auto 2010-1 UG (haftungsbeschränkt)

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