Presale: Volvo Financial Equipment LLC Series 2012-1 Mar 12
Standard & Poors, March 2012
Abstract
The preliminary ratings assigned to Volvo Financial Equipment LLC Series 2012-1's asset-backed notes reflect our view of: The availability of approximately 16.00%, 12.90%, and 8.50% credit support (based on stressed break-even cash flow scenarios) for the class A, B, and C notes, respectively. The credit support provides coverage of more than 5.0x, 4.0x, and approximately 3.0x the midpoint of our expected net loss range of 2.70%-3.00% for the class A, B, and C notes, respectively (see the Standard & Poor's Expected Loss section for more information); The transaction's ability to withstand 1.5x our expected net loss level in our "what if" scenario analysis before becoming vulnerable to a negative CreditWatch action or a potential downgrade; The timely interest and principal...
Companies mentioned in this report are: Volvo Financial Equipment LLC, Series 2012-1
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
Volvo Financial Equipment LLC, Series 2012-1
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