DBRS Assigns Rating to Cars Alliance Auto Loans France Master Series 2013-9 Class A Notes

DBRS Ratings Limited (DBRS) has assigned an AAA (sf) rating to the following series of Class A Notes (the “Notes”) issued by Cars Alliance Auto Loans France Master (the “Issuer”):

• EUR 82.9 million Series 2013-9 maturing 27 August 2013

The rating is assigned following the issuance of the Notes on the 25 July 2013 payment date. As of the payment date, all portfolio revolving conditions were met. Société Générale, S.A. serves the role of Account Bank for the transaction. Société Générale complies with the DBRS legal criteria for the ratings of the Class A Notes.

Additionally, DBRS has discontinued the AAA (sf) rating to the Series 2013-8 Class Notes due to full repayment.

The Issuer is a master trust securitisation backed by a pool of receivables which consists of auto loans related to new and used motor vehicles originated in France by DIAC SA, a French subsidiary RCI Banque. The transaction revolving period extends until the July 2016 payment date, subject to certain portfolio revolving conditions being met. During the revolving period the Issuer may acquire additional receivables and issue further Series of Notes with different expected maturities based on the amortisation profile of the additional receivables. The transaction originally closed on 25 May 2012. Since closing, replenishment of the underlying receivables has met the portfolio revolving conditions on each payment date.

Notes:
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
• Operational Risk Assessment for European Structured Finance Servicers
• 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 provided by EuoroTitrisation. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The most recent rating action on this transaction took place on 11 July 2013, when the ratings to the outstanding Series of Class A Notes were assigned and confirmed following a review of the underlying receivables and the signing of the amendment agreements to the transaction on 5 July 2013.

The individual linking document for this transaction is located at http://www.dbrs.com/research/259032/linking-document-cars-alliance-auto-loans-france-master.pdf

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

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

Initial Lead Analyst: Bruno Franco
Initial Rating Date: 25 May 2012
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte
Office: DBRS Ratings Limited, 1 Minster Court, Mincing Lane, London EC3R 7AA