DBRS Confirms Ratings of Private Driver 2012-1 GmbH

DBRS Ratings Limited (DBRS) has reviewed the Private Driver 2012-1 GmbH transaction and confirms the Class A and Class B Notes at AAA (sf) and ‘A’ (high) (sf), respectively. The securitised receivables consist of consumer auto loans originated and serviced by Volkswagon Bank GmbH.

The collateral supporting the transaction is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses. Additionally, Deutsche Bank AG, London Branch is the Accounts Bank for the transaction and complies with the DBRS Legal Criteria for European Structured Finance Transactions given the ratings of the Notes.

Notes:

The principal methodologies applicable are:
• Rating European Consumer and Commercial Asset-Backed Securitisations
• Legal 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 monthly investor reports and performance data relating to the receivables provided by Volkswagon Bank GmbH. 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.

The lead responsibilities for this transaction have been transferred to Keith Gorman.

Initial Lead Analyst: Mike Babick
Initial Rating Date: 2 May 2012
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Most Recent Rating Date: 2 May 2012
Rating Committee Chair: Chuck Weilamann