DBRS Rates Globaldrive UK Dealer Floorplan Funding I Limited Series 2007-1 and Confirms Series 2010-1

DBRS, Inc. (DBRS) has assigned final ratings to the Globaldrive UK Dealer Floorplan Funding I Limited (Funding I), Series 2007-1 Asset Backed Floating Rate Notes (Globaldrive 2007-1) and confirmed ratings on Funding I, Series 2010-1. The Globaldrive transactions are the only outstanding series from Funding I. Funding I is a beneficiary of a trust consisting of wholesale auto receivables from FCE Bank Plc’s (FCE Bank) UK wholesale portfolio. FCE Bank is a wholly owned subsidiary of Ford Credit International, Inc. (USA). DBRS considers these assets to be a core asset of FCE Bank, whose ultimate parent is Ford Motor Company USA.

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.

• 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 perform collection activities on the collateral.

• The legal structure and presence of legal opinions addressing the assignment of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

Note:
All figures are in British Pounds unless otherwise noted.

The principal methodologies applicable are:
• Rating U.S. Wholesale Auto Securitizations
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European ABS and SME CLO Servicers

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to 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 FCE Bank plc. 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 the Series 2007-1.

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.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Chris O’Connell
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 29 June 2012