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26 Nov 2009
Approximately EUR 1 billion of debt securities rated
Johannesburg, November 26, 2009 -- Moody's Investors Service has assigned the following definitive ratings
to two classes of asset-backed notes issued by SC Germany Auto
- Aaa to the EUR 945,000,000 Class A Floating Rate
Asset Backed Notes due March 2019;
- A2 to the EUR 55,000,000 Class B Floating Rate Asset
Backed Notes due March 2019.
SC Germany Auto 2009-1 Limited -sponsored by Santander Consumer
Bank AG- is mainly a repeat structure of SC Germany Auto 08-1
Limited. It is the eighth public ABS term transaction from Santander
Consumer Bank AG. The transaction is backed by a static portfolio
of generally unsecured Auto loan receivables to German private clients.
In this transaction, Santander Consumer Bank AG sells to the SPV
a portfolio of approximately EUR 1 billion auto loan receivables arising
under fixed-rate amortising and balloon loan contracts to private
customers in Germany. In order to fund the purchase price,
the SPV issues two classes of notes: the class A notes and the class
B notes. The total issuance amount is equal to EUR 1 billion.
The two classes of notes are paid back in full sequential order from the
first monthly payment date on 11 December 2009. Additionally,
the SPV is granted a subordinated loan which will fund the initial reserve
amount being equal to 3.0% of the initial outstanding amount
of the notes. The reserve fund will provide liquidity and will
serve as credit enhancement. The first layer of credit enhancement
will be excess spread.
According to Moody's, the definitive ratings take account of the
fact that there is an unrated originator/servicer in the transaction.
However, the uncertainty regarding potential operational risks and
servicing disruptions are partially mitigated by (i) the 100% ownership
by Santander Consumer Finance S.A. (A2, P-1,
negative outlook), (ii) more than 12 months liquidity available
in the transaction, (iii) third party calculation agent and paying
The ratings address the expected loss posed to investors by the legal
final maturity of the notes. In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal
with respect to the notes by the legal final maturity. Moody's
ratings address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have
a significant effect on yield to investors.
The principal methodology used in rating SC Germany Auto 2009-1
Limited was "The Lognormal Method Applied to ABS Analysis", published
in July 2000 and available on www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating this issuer 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.
The V Score for this transaction is Low/Medium, which is in line
with the V score assigned for the EMEA auto sector. The main drivers
for the V-score in line with the sector include the quality an
extent of historical data provided, the specific detail on the asset
characteristics received as well as comprehensiveness of the on-going
reporting of the asset performance. V Scores are a relative assessment
of the quality of available credit information and of the degree of dependence
on various assumptions used in determining the rating. High variability
in key assumptions could expose a rating to more likelihood of rating
changes. The V-Score has been assigned in accordance with
the report "V Scores and Parameter Sensitivities in the non-U.S.
Vehicle ABS Sector" published in January 2009.
There has been no previous rating action on this transaction. Moody's
will monitor this transaction on an ongoing basis. For updated
monitoring information, please contact email@example.com.
To obtain a copy of Moody's New Issue Report on this transaction,
please visit Moody's website at www.moodys.com or contact
our Client Service Desk in London (+44-20-7772 5454).
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's assigns definitive ratings to ABS issued by SC Germany Auto 2009-1 Limited
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service South Africa (Pty) Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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