DBRS Morningstar Discontinues Ratings on Driver Master S.A. - Compartment 1

DBRS Ratings GmbH (DBRS Morningstar) discontinued the ratings on the Class A Notes and the Class B Notes (collectively, the Notes) issued by Driver Master S.A. - Compartment 1 (the Issuer).

The discontinuation reflects the early redemption of the Notes by the Issuer at the payment date on 27 April 2020. Prior to their repayment in full, the ratings and the outstanding principal balance of the Notes were as follows:
-- Series 2015-1, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 43,300,000.00
-- Series 2015-2, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 588,067.29
-- Series 2015-3, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 16,200,000.00
-- Series 2015-4, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 43,100,000.00
-- Series 2015-5, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 19,800,000.00
-- Series 2015-6, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 19,800,000.00
-- Series 2015-7, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 19,800,000.00
-- Series 2015-8, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 19,800,000.00
-- Series 2015-9, Class A Notes rated at AAA (sf) with an outstanding principal balance of EUR 32,300,000.00
-- Series 2015-1, Class B Notes rated at A (high) (sf) with an outstanding principal balance of EUR 892,725.24
-- Series 2015-2, Class B Notes rated at A (high) (sf) with an outstanding principal balance of EUR 1,900,000.00
-- Series 2015-3, Class B Notes rated at A (high) (sf) with an outstanding principal balance of EUR 7,600,000.00

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is: “Master European Structured Finance Surveillance Methodology” (22 April 2020).

DBRS Morningstar has applied the principal methodology consistently and conducted a review of the transaction in accordance with the principal methodology.

In DBRS Morningstar’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bond has been repaid in full.

Other methodologies referenced in this transaction are listed at the end of this press release.

These may be found at: http://www.dbrsmorningstar.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.dbrsmorningstar.com/research/350410/global-methodology-for-rating-sovereign-governments.

The sources of data and information used for these ratings include a Deed of Release and Termination and a Repurchase, Redemption, and Termination Agreement provided by Volkswagen Bank GmbH.

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 not 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 these ratings 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 25 June 2019, when DBRS Morningstar confirmed the ratings on the Class A Notes and Class B Notes at AAA (sf) and A (high) (sf), respectively, for all series.

The lead analyst responsibilities for this transaction have been transferred to Petter Wettestad.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.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 GmbH are subject to EU and U.S. regulations only.

Lead Analyst: Petter Wettestad, Senior Analyst
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 19 June 2015

DBRS Ratings GmbH
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Tel. +49 (69) 8088 3500

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

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

-- Master European Structured Finance Surveillance Methodology (22 April 2020) https://www.dbrsmorningstar.com/research/359884/master-european-structured-finance-surveillance-methodology
-- Rating European Consumer and Commercial Asset-Backed Securitisations (13 January 2020)
https://www.dbrsmorningstar.com/research/355533/rating-european-consumer-and-commercial-asset-backed-securitisations
-- Interest Rate Stresses for European Structured Finance Transactions (10 October 2019)
https://www.dbrsmorningstar.com/research/351557/interest-rate-stresses-for-european-structured-finance-transactions
-- Legal Criteria for European Structured Finance Transactions (11 September 2019)
https://www.dbrsmorningstar.com/research/350234/legal-criteria-for-european-structured-finance-transactions
-- Derivative Criteria for European Structured Finance Transactions (26 September 2019)
https://www.dbrsmorningstar.com/research/350907/derivative-criteria-for-european-structured-finance-transactions
-- Operational Risk Assessment for European Structured Finance Servicers (28 February 2020)
https://www.dbrsmorningstar.com/research/357429/operational-risk-assessment-for-european-structured-finance-servicers
-- Operational Risk Assessment for European Structured Finance Originators (28 February 2020)
https://www.dbrsmorningstar.com/research/357430/operational-risk-assessment-for-european-structured-finance-originators

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

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