DBRS Confirms and Upgrades Ratings to Driver Eight GmbH transaction

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

-- Class A rating confirmed at AAA (sf)
-- Class B previously rated A (high) (sf) upgraded to AA (sf)

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

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are:
•Master European Structured Finance Surveillance Methodology
•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

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