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New Issue: Driver Six GmbH Oct 08
Standard & Poors, October 2008
Standard & Poor's Ratings Services has assigned credit ratings to the asset-backed floating-rate notes 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) back the notes. The 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 provides protection for the class A and class B noteholders. BNP Paribas S.A. acts in...
Companies mentioned in this report are: Driver Six 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
Driver Six GmbH,Volkswagen Bank GmbH