DBRS Assigns Ratings to Golden Bar (Securitisation) S.r.L.

DBRS Inc., (DBRS) has today assigned a AAA (sf) rating to the Class A Notes and an A (high) rating to the Class B Notes issued by Golden Bar (Securitisation) S.r.l.. The receivables securitised consist of personal and purpose loans.

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 cash reserve account 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 Notes and an A (high) standard for the Class B Notes.

•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 manage collections activities on the collateral.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Rating European Consumer and Commerical Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

The sources of information used for this rating include performance data relating to the receivables provided by Santander Consumer Bank, S.p.A.. 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.

This is a newly created financial instrument.

For additional information on this rating, please see the linking document.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

Lead Analyst: Mike Babick
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 20th October 2011