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Presale: Private Driver 2011-1 GmbH Jun 11
Standard & Poors, June 2011
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Private Driver 2011-1 GmbH (Private Driver)'s asset-backed floating-rate notes and Schuldschein loan. Private Driver is a special-purpose entity (SPE) established as a limited liability company in Germany. The collateral will comprise German auto loan receivables that Volkswagen Bank GmbH (VW Bank) has originated and sold to the issuer. Our preliminary ratings reflect our analysis of the ability of the servicer, VW Bank, to fulfill its role in the transaction, and of the cash flow mechanics of the transaction assuming various stress scenarios. A combination of overcollateralization, a subordinated loan, a cash reserve, and (for the Schuldschein loan and class A notes only) subordination of the class B notes will...
Companies mentioned in this report are: Volkswagen Bank GmbH,Private Driver 2011-1 GmbH
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
Volkswagen Bank GmbH,Private Driver 2011-1 GmbH