KBRA Issues Preliminary Ratings to Motor Securities 2020-1 DAC
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union.
Kroll Bond Rating Agency UK Limited (KBRA) assigns preliminary ratings to Motor Securities 2020-1 DAC (the Issuer or Protection Seller), a £750 million synthetic securitisation of United Kingdom prime auto conditional sale agreements (the Reference Obligations) originated by Santander Consumer (UK) PLC (SCUK or the Protection Buyer or the Company). KBRA has assigned the preliminary ratings to the Class C Notes and the related Tranche C of the reference portfolio. KBRA has also assigned preliminary ratings to Tranche A and Tranche B of the reference portfolio.
As of the pool cut-off date of 31 October 2021, the Reference Obligations consist of 76,994 prime auto conditional sale agreements extended to obligors in the United Kingdom by SCUK. The outstanding balance of the receivables is £750 million. The Reference Obligations are secured by both new (11.6%) and used (88.4%) vehicles.
SCUK is 100.0% owned by Santander UK plc, which is the single point of entry for all UK activities of Banco Santander S.A.
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Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA UK
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.
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