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New Issue: Private Driver 2011-2 GmbH Aug 11
Standard & Poors, August 2011
Standard & Poor's Ratings Services has assigned credit ratings to Private Driver 2011-2 GmbH's asset-backed fixed-rate notes. Private Driver 2011-2 is a special-purpose entity (SPE) established as a limited liability company in Germany. The collateral comprises German auto loan receivables that Volkswagen Bank GmbH (VW Bank) has originated and sold to the issuer. The ratings reflect our analysis of: The ability of the servicer, VW Bank, to fulfill its role in the transaction; and The cash flow mechanics of the transaction, assuming various stress scenarios. A combination of overcollateralization, a subordinated loan, and a cash reserve provide protection for the class A and B noteholders. The class A notes receive additional protection from the subordination of the class B notes....
Companies mentioned in this report are: Private Driver 2011-2 GmbH,Volkswagen Bank GmbH
Action: New 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: Full Analysis
Private Driver 2011-2 GmbH,Volkswagen Bank GmbH