Preliminary Ratings Assigned In VW Bank's Third German Auto Loan Transaction Sep 06

  • ID: 1886483
  • September 2006
  • Region: Germany
  • Standard & Poors
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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

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Driver Three GmbH,Volkswagen Bank GmbH

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