European Auto ABS Index Report Q3/Q4 2010—Performance Mirrors Three-Speed Economic Recovery Feb 11

Standard & Poors, February 2011

Abstract
In the third and fourth quarter of last year, the aggregate credit performance of European auto securitizations improved. According to the latest performance data for transactions Standard & Poor's Ratings Services includes in this European Auto ABS Index Report, severe delinquency rates, net losses, and other key performance indicators all recorded improvements in the second half of last year. However, the aggregate statistics don't tell the full story. Our January 2011 economic forecast estimates 1.9% gross domestic product (GDP) growth for the eurozone in 2011, and slightly stronger growth of 2.0% for 2012. We expect the eurozone unemployment rate to decrease to 9.8% in 2011 and to 9.5% in 2012. While these forecasts are encouraging, a closer look reveals performance...

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
- AUTO ABS COMPARTIMENT 2007-1
- Fondo de Titulizacion de Activos Santander Consumer Spain Auto 07-1
- MANTAB Funding Ltd.
- Leasetotta No.1 Ltd.
- Red & Black Consumer Italy S.r.l.
- Driver Seven GmbH
- VAB Auto Receivables 2009 B.V.
- Cars Alliance UK Ltd.
- BBVA Autos 2, Fondo de Titulizacion de Activos
- VCL No. 8 Ltd.
- LTR Finance No. 6 PLC
- BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos
- Bavarian Sky S.A.
- Auto ABS S.r.l.
- Driver UK One PLC
- FCT Eurotruck Lease II
- Bumper 2 S.A.
- LTR Finance No. 7 Ltd.
- Globaldrive Auto Receivables 2009-B B.V.
- Globaldrive Auto Receivables 2009-C B.V.
- Asset-Backed European Securitisation Transaction Four S.r.l.
- VCL Master S.A., Compartment 1
- VCL Master S.A., Compartment 2
- Globaldrive Auto Receivables 2010-A B.V.
- Cars Alliance Auto Loans Germany FCT
- SC Germany Auto 2010-1 UG (haftungsbeschränkt)
- Auto ABS FCT Compartiment ABS 2010-1
- Globaldrive Auto Receivables 2009-D B.V.

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