DBRS Confirms Globaldrive UK Dealer Floorplan Funding I Limited Series 2007-1 and 2010-1 Asset Backed Floating Rate Notes

DBRS, Inc. (DBRS) has confirmed the ratings to the Globaldrive UK Dealer Floorplan Funding I Limited (Funding I), Series 2007-1 Asset Backed Floating Rate Notes (Globaldrive 2007-1) and on Funding I, Series 2010-1 (Globaldrive 2010-1). The ratings confirmation is due to the removal of the existing back-up servicer from Funding I. The Globaldrive transactions are the only outstanding series from Funding I. Funding I is a beneficiary of a trust consisting of wholesale receivables from FCE Bank Plc’s (FCE Bank) UK wholesale portfolio. FCE Bank is a wholly owned subsidiary of Ford Credit International, Inc. DBRS considers these assets to be a core asset of FCE Bank, whose ultimate parent is Ford Motor Company (DBRS Rating “BBB (low)”, Stable Trend).

Operationally, FCE Bank is a strong servicer. The company has extraordinary experience and robust systems, technology and processes to manage its portfolio. The primary assets of the issuer are receivables originated in connection with the purchase and financing by motor vehicle dealers of their new car and commercial vehicles inventory. The eligible receivables in the portfolio are secured by new Ford branded vehicles. These dealers are primarily located in England and Wales, although some are in Scotland and Northern Ireland. The principal payment rate of the FCE Bank wholesale portfolio has remained strong over the past several years. The transaction includes early amortization triggers such as a three month average principal payment rate falling below pre-specified levels and the occurrence of an insolvency event with respect to FCE Bank or Ford Motor Company.

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 structured Finance 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”.

For additional information on these ratings, 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.

These credit ratings have been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union

Initial Lead Analyst: Chris O’Connell
Initial Rating Date: 12 January 2010
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Chris O’Connell
Most Recent Rating Date: 29 June 2012
Rating Committee Chair: Chuck Weilamann