DBRS Confirms Ratings on Wholesale Auto Receivables Funding (WARF) Limited

DBRS Inc. has confirmed the AAA (sf) rating on the Wholesale Auto Receivables Funding (WARF) Limited. The WARF transaction represents a securitisation of wholesale receivables sponsored by GMAC UK Plc’s (GMAC UK). The securitisation was initially issued in 2009. The confirmation is based on amendments to the structure, the available credit enhancement, performance of receivables in WARF and the presence of legal opinions.

The primary assets of the issuer are receivables originated in connection with the purchase and financing by motor vehicle dealers of their new and used car and truck inventory. These dealers are primarily located in England, although some are in Scottish jurisdictions. DBRS considers these assets to be a core asset of General Motors UK Limited and Adam Opel GmbH. Ally Financial Inc. is the parent company of GMAC UK Plc.

DBRS views GMAC UK as an acceptable servicer. The company has extensive experience and robust systems, technology and processes to manage their portfolio. Principal payment rate in the GMAC UK branded wholesale portfolio has remained strong over the past several years. The transaction includes early amortization triggers when the average monthly principal payment rate for three consecutive collection periods is less than 20.0% and or an insolvency event were to occur with respect to GMAC, Inc., General Motors UK Limited or Adam Opel GmbH.

Note:
All figures are in GBP or Pounds Sterling unless otherwise noted.

The principal methodologies applicable are Rating U.S. Wholesale Auto Securitizations , 29 January 2010 and the DBRS Legal Criteria for European Structured Finance Transactions and Addenda dated 27 August 2010, which can be found on our website under Methodologies.

The sources of information used for this rating include GMAC UK Plc. DBRS considers the information available to it for the purposes of providing this rating action was of satisfactory quality.

For additional information on these ratings, please refer to the linking document located below.

Lead Analyst: Chris O’Connell
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 30th November 2009