Presale: Globaldrive Auto Receivables 2011-A B.V. May 11
- ID: 1807457
- May 2011
- Standard & Poors
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Globaldrive Auto Receivables 2011-A B.V.'s €460.8 million asset-backed floating-rate notes. At the same time, Globaldrive 2011-A will issue a tranche of €24.6 million unrated fixed-rate notes. The collateral that backs the notes comprises German auto loan receivables, which the German branch of FCE Bank PLC originated in its ordinary course of business. The securitized loans are either fully amortizing standard loans or partially amortizing balloon loans with a large balloon payment when the contract ends. This will be FCE Bank's 12th German publicly rated transaction. FCE Bank is a subsidiary of Ford Credit International Inc. Its ultimate parent is Ford Motor Co. In Germany, FCE Bank provides financial services...
Companies mentioned in this report are:
- FCE Bank PLC
- Globaldrive Auto Receivables 2011-A B.V.
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Research Type: Full Analysis