Santander Consumer Spain Auto 2020-1, FT: Rating Report

The transaction represents the issuance of Series A Notes, Series B Notes, Series C Notes, Series D Notes, and Series E Notes backed by a portfolio of approximately EUR 520 million of fixed-rate receivables related to auto loans granted by Santander Consumer E.F.C. (the originator) to private individuals and corporates residing in Spain for the acquisition of new or used vehicles. The originator also services the portfolio. Proceeds of the Series F Notes funded the cash reserve.