DBRS Confirms Ratings on Globaldrive UK Dealer Floorplan Funding I Limited

DBRS, Inc. (DBRS) has today confirmed the AAA (sf) ratings on the Asset Backed Floating Rate Notes, Series 2007-1 and Series 2010-1 issued by Globaldrive UK Dealer Floorplan Funding I Limited (Funding I or the Issuer). The ratings were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure and form and sufficiency of available credit enhancement.
-- The credit enhancement for each series of 27.50% overcollateralization and/or subordination and a cash reserve account (0.50% of the facility limit).
-- These credit enhancement levels are sufficient to support various stress assumptions to vehicle liquidations and or dealer concentration levels under a AAA (sf) standard for the Class A Notes of each series.
-- The transaction parties’ financial strength, historical presence and capabilities with respect to managing the wholesale operations and the dealer network in the region.

The confirmations of the outstanding ratings of Funding I reflect the 27.5% of credit enhancement for the Series 2007-1 Asset Backed Floating Rate Notes and the Series 2010-1 Asset Backed Floating Rate Notes provided by subordination and the Reserve Account. As of the May 2016 payment date, the cumulative net loss ratio was 0.00% of the original collateral balance.

Notes:
All figures are in GBP unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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