DBRS Discontinues Ratings on Driver Ten GmbH

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A and Class B Notes issued by Driver Ten GmbH.

The rating actions reflect the full payment of the Class A and Class B Notes as of the payment date on 21 July 2016. The remaining balance of the Class A Notes before their payment in full was EUR 95,277,040.01 and the rating was AAA (sf). The remaining balance of the Class B Notes before their payment in full was EUR 4,282,079.75 and the rating was AA (high) (sf).

Notes:
All figures are in euros unless otherwise noted.

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

In DBRS’s opinion, a Discontinued - Repaid rating action does not require the application of the entire principal methodology. Other methodologies and criteria referenced in this transaction are listed at the end of this press release. These may be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to the DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” found at http://www.dbrs.com/industries/bucket/id/10036/name/commentaries.

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

DBRS does not rely upon third-party due diligence in order to conduct its analysis; DBRS was not supplied with third-party assessments; however, this did not impact the rating analysis.

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 8 February 2016, when DBRS confirmed the Class A Notes at AAA (sf) and upgraded the Class B Notes to AA (high) (sf) from AA (sf).

The lead responsibilities for this transaction have been transferred to Andrew Lynch.

Information regarding DBRS ratings, including definitions, policies and methodologies is available at 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: 16 January 2013
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Andrew Lynch, Senior Financial Analyst

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The rating methodologies used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375