Preliminary Ratings Assigned In VW Bank's Third German Auto Loan Transaction Sep 06
- ID: 1886483
- September 2006
- Region: Germany
- Standard & Poors
FRANKFURT (Standard & Poor's) Sept. 28, 2006-Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the -959.50 million asset-backed floating-rate notes to be issued by Driver Three GmbH, an SPE established as a limited liability company in Germany (see list below). The notes are backed by German auto loan receivables originated and sold by Volkswagen Bank GmbH (VW Bank) to the issuer. A subordinated loan will be granted to Driver Three on the closing date by an affiliate of Volkswagen AG for a total nominal amount of -31.5 million. The subordinated loan serves as credit enhancement to the class A and B notes because it ranks below the notes with respect to payment of...
Companies mentioned in this report are: Driver Three GmbH,Volkswagen Bank GmbH
Action: Preliminary Rating
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Research type: News
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