Santander Drive Auto Receivables Trust 2011-S2: Rating Report - Series 2011-S2

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  31-May-11	Series 2011-S2 Notes, Class B	AA (sf)	--	Provis.-Final	US E
  31-May-11	Series 2011-S2 Notes, Class C	A (sf)	--	Provis.-Final	US E
  31-May-11	Series 2011-S2 Notes, Class D	BBB (sf)	--	Provis.-Final	US E
  31-May-11	Series 2011-S2 Notes, Class E	BB (sf)	--	Provis.-Final	US E

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