Presale: Driver Nine GmbH May 11
- ID: 1783798
- May 2011
- Standard & Poors
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Driver Nine GmbH (Driver 9)'s asset-backed floating-rate notes. Driver 9 is a special-purpose entity (SPE) established as a limited liability company in Germany. The collateral will comprise German auto loan receivables that Volkswagen Bank GmbH (VW Bank) has originated and sold to the issuer. Our preliminary ratings reflect our analysis of the ability of the servicer, VW Bank, to fulfill its role in the transaction, and of the cash flow mechanics of the transaction under various stress scenarios. A combination of overcollateralization, a subordinated loan, a cash reserve, and (for the class A notes only) subordination of the class B notes will provide protection for the class A and...
Companies mentioned in this report are:
- Driver Nine GmbH
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Research Type: Full Analysis