DBRS Confirms Ratings on Santander Consumer Auto Receivables Funding 2011-A LLC

DBRS, Inc. (DBRS) has confirmed its ratings on the notes issued by Santander Consumer Auto Receivables Funding 2011-A, LLC as follows:

Santander Consumer Auto Receivables Funding 2011-A LLC, Class A: AAA (sf)
Santander Consumer Auto Receivables Funding 2011-A LLC, Class B: AA (sf)
Santander Consumer Auto Receivables Funding 2011-A LLC, Class C: A (sf)

The confirmation reflects the ability of the transaction to pay timely interest and full payment of principal by the legal final maturity dates for the above classes of debt, without the presence of the interest rate cap provided by Banco Santander SA. DBRS downgraded Banco Santander SA’s rating from A(high)/R-1(middle) to A/R-1(low) which resulted in a breach of DBRS first rating threshold of A (high) for eligible swap counterparties supporting AAA (sf) rated debt securities. The de-levering of the transaction and corresponding build-up of credit enhancement have obviated the need for the presence of the interest rate cap to pass the cash flow stress scenarios at each rating level.

Notes:
The applicable methodologies are DBRS Master U.S. ABS Surveillance Methodology and Legal Criteria for U.S. Structured Finance Transactions, which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.