BEIJING, July 29, 2022- S&P Global (China) Ratings has conducted surveillance on two transactions under the Driver China Series of Auto Loan Backed Securities, originated by Volkswagen Financial Services AG (VWFC).
Driver China ten Auto Loan Backed Securities:
Driver China eleven Auto Loan Backed Securities:
S&P Global (China) Ratings’ affirmation of the above ratings reflects the following factors. Further details can be found in our methodology and within the full surveillance rating reports:
Credit Quality of the Securitized Assets
Payment Structure and Cash Flow Mechanics
Operational and Administrative Risk
Counterparty Risk
Legal and Regulatory Risk
Methodology Applied:
S&P Ratings China--Structured Finance Methodology
Related Research:
Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities
Models Applied:
SPG China Ratings Structured Finance Cash Flow Engine
Media Contacts:
Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.cn
Analyst Contacts:
Beibei Shi, Beijing; beibei.shi@spgchinaratings.cn
Siyue Zhu, Beijing; april.zhu@spgchinaratings.cn
Li Kaiyan, Beijing; kaye.li@spgchinaratings.cn
