DBRS Confirms Rating on SAF Funding Limited

DBRS, Inc. (DBRS) has confirmed the rating of AAA (sf) on the Senior Notes issued by SAF Funding Limited. The rating was initially issued on November 10, 2010.

The rating confirmation is based upon the following analytical considerations:

•The transaction is performing within DBRS expectations and available credit enhancement for the Senior Notes is sufficient to cover DBRS stressed assumptions relating to credit and residual value losses.
•The transaction parties’ financial strength and capabilities to perform their respective duties, and the quality of origination, underwriting and servicing practices.
•The credit quality of the collateral and ability of the Servicer to perform collection 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, Master European Structured Finance Surveillance Methodology and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. Readers should also consider the DBRS commentary The Effect of Sovereign Risk on Securitisations in the Euro Area.

The sources of information used for this rating include performance data relating to the receivables provided by Singers Asset Finance Holdings Limited. DBRS considers the information available to it for the purposes of providing this rating confirmation was of satisfactory quality.

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

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

Lead Analyst: Mike Babick
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 10 November 2010