TEXT-Fitch assigns Driver UK Master SA notes final ratings

Tue Nov 20, 2012 3:24pm EST

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
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