DBRS Assigns Ratings to Motor 2011 plc

DBRS Inc., (DBRS) has today assigned a AAA (sf) rating to the Class A1 and Class A2 Notes issued by Motor 2011 plc. The receivables securitized 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 Motor 2011 plc.

•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.

•The legal structure and presence of legal opinions which will address the true sale of the assets to the issuer, the bankruptcy remoteness of the special purpose vehicle from Santander Consumer, and that the trust has a valid first priority security interest in the assets and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions methodology, dated August 2010.

Note:
All figures are in British Pounds 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 (UK) plc 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 this rating, please refer to the linking document located below.

The full report providing additional analytical details is available by clicking on the link below or by contacting us at info@dbrs.com.

Lead Analyst: Rosemary Kelley
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 21 April 2011