DBRS Assigns Rating to PDRIVE LLC

DBRS, Inc. (DBRS) has today assigned a rating of AAA (sf) to the PDRIVE LLC facility. The PDRIVE LLC facility is a warehouse provided to the U.S. captive finance company of a German automotive manufacturer (the Originator) for the financing of auto loan and lease receivables. The Originator also acts as the servicer for the facility.

The ratings are based upon a review by DBRS of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- Strong servicer of the receivables and the size and financial strength of the servicer’s parent.
-- The collateral and performance of the originated auto loan/lease portfolio.
-- The legal structure and presence of legal opinions which will address the true sale of the assets to the issuer, the non-consolidation of the special-purpose vehicle with the Originator, and that the trust has a valid first-priority security interest in the assets and consistency with the DBRS Legal Criteria for U.S. Structured Finance methodology.

Notes:
The applicable methodologies are Rating U.S. Retail Auto Loan Securitizations and Rating U.S. Auto Lease Securitizations, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.