DBRS Assigns Ratings to Fondo De Titulizacion De Activos Santander Consumer Spain 2009-1 Series A Bonds

DBRS Ratings Limited (DBRS) has today assigned a AAA (sf) rating to the Series A Bonds issued by Fondo De Titulizacion De Activos Santander Consumer Spain 2009-1. The receivables securitised in the transactions consists of consumer loan receivables granted by Santander Consumer E.F.C. to finance the acquisition of new and/or used vehicles and acquisition of personal goods.

The ratings are based upon review by DBRS of the following analytical considerations:

•The transaction’s capital structure and form and sufficiency of available credit enhancement.

•Relevant credit enhancement is in the form of a reserve fund and subordination. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumption under various stress scenarios at a AAA (sf) standard for the Series A Bonds issued by Fondo De Titulizacion De Activos Santander Consumer Spain 2009-1.

•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.

•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.

•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.

•The transaction’s legal structure and opinions and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions methodology, dated September 2010.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Rating European Consumer Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. This is a newly created financial instrument.

The sources of information used for this rating include performance data relating to the receivables provided by Santander Consumer E.F.C.considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This is the first DBRS rating on this financial instrument.

For additional information on this rating, please refer to the linking document located below.

Lead Analyst: Gareth Levington, Senior Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 16th May 2011