New Issue: Driver Six GmbH Oct 08
- ID: 1887149
- October 2008
- Standard & Poors
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
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Research Type: Full Analysis