TEXT-Fitch assigns Driver UK Master SA notes final ratings
Nov 20 - Fitch Ratings has assigned Driver UK Master S.A.'s notes final ratings, as follows: GBP300,000,000 Series 2011-1 Notes: 'AAAsf'; Outlook Stable GBP300,000,000 Series 2011-2 Notes: 'AAAsf'; Outlook Stable GBP375,000,000 Series 2011-3 Notes: 'AAAsf'; Outlook Stable GBP375,000,000 Series 2011-5 Notes: 'AAAsf'; Outlook Stable GBP150,000,000 Series 2012-1 Notes: 'AAAsf'; Outlook Stable GBP150,000,000 Series 2012-2 Notes: 'AAAsf'; Outlook Stable The notes are backed by a pool of auto loan receivables originated by Volkswagen Financial Services (UK) Ltd. (VWFS UK, not rated). The loans are granted to obligors resident in the UK for the purchase of new (66.9% of initial balance) and used cars (33.1% of initial balance). The transaction will have an initial one-year revolving period. As of October 2012, the portfolio consisted of 243,581 loan contracts, with an outstanding aggregate principal balance of GBP2,350m. Initial credit enhancement (CE) for the notes will be 30.6%. CE is provided by a subordinated loan (28.8%) which funds the asset purchase and endows a cash collateral account of 0.8% (equaling 1.2% of the initial note balance) as well as additional overcollateralisation of 1.0% arising from an excess of assets over liabilities. VWFS UK is a wholly-owned subsidiary of Volkswagen Financial Services AG, which is a wholly-owned subsidiary of Volkswagen Group ('A-'/Positive/'F2'). The issuer is a special purpose vehicle incorporated in Luxembourg. A new issue report for this transaction will shortly be available at www.fitchratings.com. Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Sources of information: transaction documentation and data provided by the originator. Applicable criteria, 'Global Structured Finance Rating Criteria', dated 6 June 2012; 'EMEA Consumer ABS Rating Criteria', dated 12 July 2012; 'EMEA Consumer ABS Rating Criteria: Residual Value Addendum', dated 12 July 2012; 'Counterparty Criteria for Structured Finance Transactions', dated 12 March 2012; and 'Counterparty Criteria for Structured Finance Transactions: Derivatives Addendum', dated 12 March 2012 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Structured Finance Rating Criteria EMEA Consumer ABS Rating Criteria EMEA Consumer ABS Rating Criteria - Auto Residual Value Addendum Counterparty Criteria for Structured Finance Transactions Counterparty Criteria for Structured Finance Transactions: Derivative Addendum
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.