DBRS Discontinues Ratings on Private Driver 2014-1 UG (haftungsbeschränkt)

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A and Class B notes issued by Private Driver 2014-1 UG (haftungsbeschränkt).

The rating actions reflect the early redemption of the Class A and Class B notes as of the extraordinary payment date on 29 December 2016. The remaining balance of the Class A notes before their payment in full was EUR 251,216,418.00, with a rating of AAA (sf). The remaining balance of the Class B notes before their payment in full was EUR 11,290,551.00, with a rating of AA (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 warrant the application of the entire principal methodology, as the bonds have been repaid in full. Other methodologies 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” at: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries.

The sources of data and information used for this rating include information provided by Volkswagen Bank GmbH and Hogan Lovells.

DBRS did not rely upon third-party due diligence in order to conduct its analysis. At the time of the initial rating, DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

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

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 8 April 2016, when DBRS confirmed the Class A notes at AAA (sf) and upgraded the Class B notes to AA (sf).

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 Authority (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.

Lead Analyst: Andrew Lynch, Assistant Vice President
Initial Rating Date: 30 April 2014

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

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- Unified Interest Rate Model for European Securitisations

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.