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20 Jul 2010
Approximately $100,000,000 of Debt Securities Rated
New York, July 20, 2010 -- Moody's Investors Service has assigned ratings to the Class A Certificates
and Class AIO Certificates (the "Resecuritized Securities")
issued by the RBSSP Resecuritization Trust 2010-7 (the "Resecuritized
Transaction") and backed by a certain rental car ABS.
The complete rating action is as follows:
Issuer: RBSSP Resecuritization Trust 2010-7
$100,000,000, 2.95% Resecuritization
Trust Certificates, Series 2010-7 Class A Certificates,
6.36% Resecuritization Trust Certificates, Series
2010-7 Class AIO Certificates, Assigned A2
The Resecuritized Securities are backed by $100,000,000
(out of an aggregate $450,000,000 issue amount) of
the Series 2009-1 9.31% Rental Car Asset Backed Notes
(the "Underlying Security") issued by Avis Budget Rental Car
Funding (AESOP) LLC, an indirect subsidiary of Avis Budget Car Rental
LLC (ABCR, B2 corporate family rating, positive outlook).
The Underlying Security is rated A2 and the Resecuritized Securities are
assigned the same A2 rating as the Underlying Security based on the Resecuritized
Transaction's essentially 'pass through' transaction
The ratings on the Class A Certificates and Class AIO Certificates address
payment of promised interest, and in the case of the Class A Certificates
only, payment of ultimate principal. The interest payment
due on the Class AIO Certificates is based on the notional amount thereof.
Such notional amount on any date will be equal to the outstanding principal
balance of the Class A Certificates on such date. Therefore,
the actual amount of interest paid on the Class AIO Certificates through
the life of the transaction will be sensitive to any principal prepayments
made on the Class A Certificates. The ratings do not address any
other amounts that may be payable to such securities.
V SCORE AND LOSS SENSITIVITY
The ratings on the Resecuritized Securities are linked to the ratings
of the Underlying Security. Any event causing deterioration in
the credit or rating of the Underlying Security will have a like impact
on credit or rating of the Resecuritized Securities. As a result,
the V Score and Loss Sensitivity are identical to the corresponding V
Score and Loss Sensitivity for the Underlying Security. For information
on the V Score and Loss Sensitivity of the Underlying Security see the
July 24, 2009 press release relating to the Underlying Security,
"Moody's assigns definitive rating to Avis Budget rental car asset-backed
PRINCIPAL RATING METHODOLOGY
The Resecuritized Securities are assigned the same ratings as those for
the Underlying Security based on the Resecuritized Transaction's
essentially 'pass through' transaction structure.
The rating for the Underlying Security is based on (1) collateral in the
form of rental fleet vehicles, (2) the presence of ABCR as lessee
under operating leases, (3) minimum liquidity in the form of cash
or letters of credit, (4) the legal structure, and (5) the
capabilities and the expertise of ABCR. The Moody's methodology
used to rate the Underlying Security is outlined in the July 24,
2009 press release relating to the Underlying Security, "Moody's
assigns definitive rating to Avis Budget rental car asset-backed
notes." This and other methodologies and factors that may
have been considered in the rating process can also be found in the Rating
Methodologies sub-directory on Moody's website. In addition,
Moody's publishes a weekly summary of structured finance credit,
ratings and methodologies, available to all registered users of
our website, at www.moodys.com/SFQuickCheck.
On the Resecuritization Transaction's closing date, (1) RBS
Securities Inc., as seller (the "Seller"),
sold the Underlying Security to RBS Acceptance Inc., as depositor
(the "Depositor") pursuant to an asset sale agreement between
the Seller and the Depositor, and (2) the Depositor transferred
the Underlying Security to the resecuritization trust pursuant to the
trust agreement and caused the Resecuritized Securities to be issued.
On the Resecuritization Transaction's closing date, the Seller
paid all amounts owed to the trustee in connection with its duties or
obligations under the trust agreement for the Resecuritization Transaction.
In addition, under such trust agreement, the Seller agrees
to reimburse the trustee and/or the depositor for any extraordinary trust
fund expenses incurred by each of them at any time, up to a limit
of $250,000 per calendar. Also, under the trust
agreement, both the trustee and the depositor agree not to petition
or pursue any other rights against the Trust Fund for any unpaid Extraordinary
Trust Fund Expenses.
Interest payment distributions from the Underlying Security are allocated
pro rata among the interest payments due for the Class A Certificates
and Class AIO Certificates. Principal payment distributions from
the Underlying Security are allocated to the principal due on the Class
The Resecuritized Securities were sold in a privately negotiated transaction
without registration under the Securities Act of 1933 (the Act) under
circumstances reasonably designed to preclude a distribution thereof in
violation of the Act. The issuance has been designed to permit
resale under Rule 144A.
Additional research, including a presale report on the Underlying
Security, is available on http://www.moodys.com.
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Moody's Rates RBSSP Resecuritization Trust 2010-7
No Related Data.
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