DBRS Confirms Motor 2011 plc

DBRS Ratings Limited (DBRS) has reviewed the amendment documents in connection with the Motor 2011 plc transaction for a change in swap counterparty and confirms the Class A-1 and Class A-2 Notes at AAA (sf). The receivables securitised consist of auto loans originated by Santander Consumer (UK) plc.

The existing swap counterparty, Banco Santander SA, has been replaced with Abbey National Treasury Servicers plc (“ANTS”). ANTS meets DBRS criteria to act as swap counterparty.

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. 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 Santander Consumer (UK) plc. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

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

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Bruno Franco
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 21 April 2011