KBRA Assigns Preliminary Ratings to Driver UK Multi-Compartment S.A., Compartment Driver UK eight
KBRA UK (KBRA) assigns preliminary ratings to two classes of notes issued by Driver UK Multi-Compartment S.A., acting for and on behalf of its Compartment Driver UK eight (Driver UK 8), a United Kingdom auto loan receivables ABS transaction.
- KBRA UK (KBRA) assigns preliminary ratings to two classes of notes issued by Driver UK Multi-Compartment S.A., acting for and on behalf of its Compartment Driver UK eight (Driver UK 8), a United Kingdom auto loan receivables ABS transaction.
- Credit enhancement on the notes is comprised of overcollateralisation, subordination, a cash reserve account and excess spread.
- Driver UK 8 represents the latest public securitisation for Volkswagen Financial Services AG’s (VWFS) UK subsidiary Volkswagen Financial Services (UK) Limited (VWFS (UK)) under the Driver securitisation platform.
- VWFS has been securitising its assets, including hire purchase contract receivables, auto loan receivables and auto lease receivables since 1996 and since 2002 for UK receivables.