DBRS Confirms Bilkreditt 1 Limited

DBRS Ratings Limited (DBRS) has reviewed the Bilkreditt 1 Limited transaction and confirms the AAA (sf) ratings on the Class A-1 and Class A-2 Notes.

The receivables securitised consist of consumer loans in Norway for the purchase of motor vehicles. The collateral supporting the transaction is performing within DBRS expectation and available credit enhancement for each class is sufficient to cover DBRS expected losses at the current rating level.

Banco Santander SA is the swap counterparty for the transaction. Deutsche Bank AG, London Branch is the Account Bank. Each entity complies with the respective DBRS criteria given the rating of the Notes.

Notes:

The principal methodologies applicable are:
• Rating European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European ABS and SME CLO Servicers
• Unified Interest Rate Model Methodology for European Securitisations
• Swap Criteria for European Structured Finance Transactions
• Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for this rating include monthly investor reports for the transaction provided by Santander Consumer Bank AS. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please see the linking document.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

The lead responsibilities for this transaction have been transferred to Keith Gorman.

Initial Lead Analyst: Rosemary Kelly
Initial Rating Date: 8 March 2011
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Most Recent Rating Date: 9 May 2012
Rating Committee Chair: Chuck Weilamann