DBRS Morningstar Discontinues Ratings on Driver UK Multi-Compartment S.A. acting for and on behalf of its Compartment Private Driver UK 2016-1

DBRS Ratings Limited (DBRS Morningstar) discontinued the ratings on the Class A Notes and the Class B Notes (the Notes) issued by Driver UK Multi-Compartment S.A. acting for and on behalf of its Compartment Private Driver UK 2016-1 (the Issuer).

The discontinuation reflects the full redemption of the Notes, following the exercise of the Clean-Up Call Option by the Issuer on the payment date of 25 February 2020. Prior to their repayment, the ratings and the outstanding principal balance of the Notes were as follows:

-- Class A Notes rated at AA (high) (sf) with an outstanding principal balance of GBP 59,981,334.94
-- Class B Notes rated at A (sf) with an outstanding principal balance of GBP 8,997,200.24

Notes:
All figures are in British pound sterling unless otherwise noted.

The principal methodology applicable to the rating is “Master European Structured Finance Surveillance Methodology”.

In DBRS Morningstar’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 “Appendix C: The Impact of Sovereign Ratings on Other DBRS Credit Ratings” of the “Global Methodology for Rating Sovereign Governments” at: https://www.dbrs.com/research/350410/global-methodology-for-rating-sovereign-governments.

The sources of data and information used for these ratings include investor reports provided by Volkswagen Financial Services UK Limited.

DBRS Morningstar did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating DBRS Morningstar was supplied with third-party assessments. However, this did not impact the rating analysis.

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

DBRS Morningstar 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 4 June 2019, when DBRS Morningstar confirmed the ratings of the Class A Notes and Class B Notes at AA (high) (sf) and A (sf), respectively.

The lead analyst responsibilities for this transaction have been transferred to Natalia Coman.

Information regarding DBRS Morningstar ratings, including definitions, policies and methodologies, is available on www.dbrs.com.

As this is a discontinued-repaid rating action, a sensitivity analysis is not applicable.

For further information on DBRS Morningstar historical 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 and US regulations only.

Lead Analyst: Natalia Coman, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 27 June 2016

DBRS Ratings Limited
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London EC3M 3BY United Kingdom
Registered and incorporated under the laws of England and Wales: Company No. 7139960

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

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].