DBRS Confirms and Upgrades Ratings to various Private Driver transactions

DBRS, Inc. (DBRS) has reviewed the following transactions and confirms and upgrades certain ratings as noted below. The receivables securitized consist of auto loans originated in Germany by Volkswagen Bank, GMBH.

Private Driver 2008-2 GmbH
-- Class A rating confirmed at AAA (sf)
-- Class B previously rated AA (high) (sf) upgraded to AAA (sf)

Private Driver 2008-3 GmbH
-- Class A rating confirmed at AAA (sf)
-- Class B previously rated AA (high) (sf) upgraded to AAA (sf)

Private Driver 2008-4 GmbH
-- Class A rating confirmed at AAA (sf)
-- Class B previously rated AA (high) (sf) upgraded to AAA (sf)

The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are:
•Rating European Consumer and Commercial Asset-Backed Securitisations
•Legal Criteria for European Structured Finance Transactions
•Swap Criteria For European Structured Finance Transactions
•Operational Risk Assessment for European ABS and SME CLO Servicers
•Unified Interest Rate Model Methodology for European Securitisations
•Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies.

The sources of information used for the above ratings include performance data relating to the receivables provided by Volkswagen Bank, GMBH. DBRS considers the information available to it for the purposes of providing the rating confirmations and upgrades was of satisfactory quality.

The credit ratings have been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

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

Lead Analyst: Mike Babick
Surveillance Analyst: Lain Javier Gutierrez
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: February 24, 2011