DBRS Discontinues the Rating on Driver Nine GmbH, Class A and B

DBRS Ratings Limited (DBRS) has discontinued the rating on the Class A and Class B Notes issued by Driver Nine GmbH due to repayment of the notes on 21 October 2014. Class A and Class B Notes were previously rated ‘AAA’ (sf) and ’AA’ (sf); and they are now Discontinued - Repaid.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology applicable is the Master European Structured Finance Surveillance Methodology

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

The sources of information used for this rating include reports provided by Volkswagen Bank GmbH.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 7 August 2014, when DBRS confirmed the Class A Notes and upgraded the Class B Notes.

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS 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: Mike Babick
Initial Rating Date: 22 June 2011
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Vito Natale
Rating Committee Chair: Charles Weilamann

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