DBRS Discontinues the Rating on Cars Alliance Auto Loans France F 2012-1

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Series 2012-1, Class A issued by Cars Alliance Auto Loans France F 2012-1 due to repayment of the notes. The Series 2012-1, Class A was previously rated AAA (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the Master European Structured Finance Surveillance Methodology (December 2014), which can be found at http://www.dbrs.com/about/methodologies.

The sources of information used for this rating include investor reports provided by the Servicer. DBRS considers that 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 29 July 2014, when DBRS confirmed the Series 2012-1, Class A rating at AAA (sf).

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

For further information on DBRS historic default rates published by the European Securities and Markets Administration 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: 31 May 2012
Initial Rating Committee Chair: Claire Mezzanotte

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

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