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Presale: Driver Six GmbH Sep 08 Product Image

Presale: Driver Six GmbH Sep 08

  • ID: 1886916
  • September 2008
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to the asset-backed floating-rate notes to be issued by Driver Six GmbH, a special-purpose entity (SPE) established as a limited liability company in Germany. German auto loan receivables originated and sold to the issuer by Volkswagen Bank GmbH (VW Bank) will back the notes. The preliminary ratings reflect an 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, a cash reserve, and (for the class A notes only) subordination of the class B notes will provide protection for the class A and class B...

Companies mentioned in this report are: Volkswagen Bank GmbH,Driver Six 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

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