Ratings Assigned To German Auto ABS Transaction Globaldrive Auto Receivables 2011-A Jun 11

Standard & Poors, June 2011

Abstract
OVERVIEW We have assigned ratings to the class A and B asset-backed floating-rate notes in this transaction. The collateral comprises auto loan receivables that the German branch of FCE Bank has originated. This is FCE Bank's 12th German publicly rated transaction. FRANKFURT (Standard & Poor's) June 16, 2010--Standard & Poor's Ratings Services has assigned its credit ratings to Globaldrive Auto Receivables 2011-A B.V.'s -508.40 million asset-backed floating-rate notes. At the same time, Globaldrive 2011-A issued a tranche of -27.13 million unrated fixed-rate notes (see list below). 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...

Companies mentioned in this report are: Globaldrive Auto Receivables 2011-A B.V.
Action: New Rating

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Research type: News
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Globaldrive Auto Receivables 2011-A B.V.

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