DBRS Takes Rating Actions on 11 Auto Loan Securitization Transactions

DBRS, Inc. (DBRS) has taken action on 11 auto loan securitizations. Of the 40 tranches reviewed, 23 were confirmed, 11 were upgraded and 6 were discontinued due to repayment in full of the investors. The transactions reviewed were as follows:

Santander Drive Auto Receivables Trust 2010-1
Santander Drive Auto Receivables Trust 2010-A
Santander Drive Auto Receivables Trust 2010-2
Santander Drive Auto Receivables Trust 2010-3
Santander Drive Auto Receivables Trust 2010-B
Santander Drive Auto Receivables Trust 2011-S1
Santander Drive Auto Receivables Trust 2011-1
Santander Drive Auto Receivables Trust 2011-S2
Santander Drive Auto Receivables Trust 2011-2
CarNow Auto Receivables Trust 2012-1
Santander Consumer Auto Receivables Funding 2011-A LLC

For tranches that have been confirmed, collateral performance and credit enhancement levels are within expectations for the current rating level. For tranches that were upgraded, de-levering structures and collateral performance combined to increase available credit enhancement to levels exceeding that of the current rating level. All the tranches for which ratings have been discontinued were repaid as per the terms of the respective transactions.

Notes:
The applicable methodologies are DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.