Press Release

DBRS Confirms and Upgrades Ratings on Santander Auto ABS

Auto
May 08, 2012

DBRS, Inc. (DBRS) has reviewed all of its outstanding U.S. structured finance auto asset-backed securities transactions issued by Santander Consumer USA Inc. Of the 10 publicly rated series reviewed, 36 classes were confirmed, 8 classes were upgraded and 4 classes were discontinued due to repayment of the noteholders.

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.

The following public transactions have been reviewed:

• Santander Drive Auto Receivables Trust 2010-1
• Santander Drive Auto Receivables Trust 2010-2
• Santander Drive Auto Receivables Trust 2010-3
• Santander Drive Auto Receivables Trust 2010-A
• Santander Drive Auto Receivables Trust 2010-B
• Santander Drive Auto Receivables Trust 2011-1
• Santander Drive Auto Receivables Trust 2011-2
• Santander Drive Auto Receivables Trust 2011-S1
• Santander Drive Auto Receivables Trust 2011-S2
• Santander Consumer Acquired Receivables Trust 2011-WO

Notes:
DBRS rating definitions and the terms of use of such ratings are available at www.dbrs.com.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

Ratings

Santander Drive Auto Receivables Trust 2010-1
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Santander Drive Auto Receivables Trust 2010-2
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2010-3
  • Date Issued:May 8, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2010-A
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2010-B
  • Date Issued:May 8, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2011-1
  • Date Issued:May 8, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2011-2
  • Date Issued:May 8, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2011-S1
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Santander Drive Auto Receivables Trust 2011-S2
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:May 8, 2012
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • 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

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

Related Documents

Methodology Used:

Issuers

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Contacts

  • Claire Mezzanotte
    Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
    +(1) 212 806 3272
  • Maxim Berger
    Assistant Vice President, US ABS & Surveillance - Global Structured Finance
    +1 212 806 3279
  • Jayce Fox
    Senior Vice President, US ABS Surveillance - Global Structured Finance
    +1 203 883 5815
  • Jan Buckler
    Senior Vice President, Sector Lead - Global Structured Finance Ratings
    +(1) 212 806 3925

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