DBRS Confirms Ratings to Cars Alliance Auto Loans France F 2012-1

DBRS Ratings Limited (DBRS) has reviewed the Cars Alliance Auto Loans France F 2012-1 receivables and confirms the AAA (sf) ratings on the Class A Notes (the “Notes”). The Notes are backed by a pool of French receivables which consists of loans related to new and used motor vehicles originated and serviced by DIAC SA.

The pool of receivables supporting the transaction is performing within DBRS expectations and available credit enhancement for the Notes is sufficient to cover DBRS expected losses at the current rating level. As of the 25 June 2013 payment date, the cumulative defaults on the portfolio were 1.44% compared to the base case expectation of 4.38% at the initial rating of the Notes. Credit enhancement for the Notes, in the form of subordination, is currently 23.45%.

Société Générale serves the role of Account Bank for the transaction. Société Générale complies with the DBRS legal criteria for the ratings 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 Structured Finance Servicers
• Master European Structured Finance Surveillance Methodology

These can be found on www.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 provided by EuroTitrisation. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The most recent rating action on this transaction took place on 27 June 2012 when the final rating was assigned.

For additional information on this rating, please see the linking document located at http://www.dbrs.com/research/258712/linking-document-cars-alliance-auto-loans-france-f-2012-1.pdf

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

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

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

Initial Lead Analyst: Bruno Franco
Initial Rating Date: 1 June 2012
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte