Red & Black Auto Germany 5 UG (haftungsbeschränkt): Rating Report

DBRS Ratings Limited (DBRS) finalised its provisional rating of AAA (sf) assigned to the Class A Notes issued by Red & Black Auto Germany 5 UG (haftungsbeschränkt) (the Issuer).

The Issuer was established on 16 November 2017 and registered as a special-purpose vehicle for asset-backed securities transactions in the form of a limited liability company (Unternehmergesellschaft haftungsbeschränkt) under the laws of the Federal Republic of Germany. The Issuer has three shareholders, each a Stichting (a foundation) established under the laws of the Netherlands.