DBRS Assigns Ratings to Bilkreditt 1 Limited

DBRS Inc., (DBRS) has today assigned a AAA (sf) rating to the Class A-1 and Class A-2 Notes issued by Bilkreditt 1 Limited. The receivables securitised consist of loans related to motor vehicles.

The ratings are based upon review by DBRS of the following analytical considerations:

•Transaction capital structure and form and sufficiency of available credit enhancement.

•Relevant credit enhancement in the form of a reserve fund and subordination. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumption under various stress scenarios at a AAA (sf) standard for the Class A -1 and Class A-2 Notes issued by Bilkreditt 1 Limited.

•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.

•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.

•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.

Note:
All figures are in Norwegian Kroner unless otherwise noted.

The principal methodologies applicable are Rating European Consumer Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. This is not a newly created financial instrument.

The sources of information used for this rating include performance data relating to the receivables provided by Santander Consumer Bank AS and Santander Global Banking and Markets. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This is the first DBRS rating on this financial instrument.

For additional information on these ratings, please refer to the linking document located below.

Lead Analyst: Rosemary Kelley
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 8 March 2011