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Presale: Globaldrive Auto Receivables 2011-A B.V. May 11 Product Image

Presale: Globaldrive Auto Receivables 2011-A B.V. May 11

  • ID: 1807457
  • May 2011
  • Standard & Poors

Abstract
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.

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: Full Analysis

Note: Product cover images may vary from those shown

- FCE Bank PLC
- Globaldrive Auto Receivables 2011-A B.V.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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