[Dow Jones & Company, Inc. · 2007-04-04] – The following is a press release from Moody’s Investors Service: Moody’s Assigns Definitive Ratings To Santander Drive Auto Receivables Trust 2007-1 Asset Backed Notes $1.2 Billion of Asset-Backed Securities Rated.
New York, April 04, 2007 — Moody’s Investors Service has assigned ratings to the notes issued by Santander Drive Auto Receivables Trust 2007-1.
This is the first subprime auto loan securitization for 2007 and the first public transaction for Drive Financial Services Inc. (successor to Drive Financial Services LP).
The complete rating action is as follows:
Issuer: Santander Drive Auto Receivables Trust 2007-1
$204,000,000 5.324% Class A-1 Asset backed Notes, rated Prime-1
$340,000,000 5.20% Class A-2 Asset backed Notes, rated Aaa
$185,000,000 5.05% Class A-3 Asset backed Notes, rated Aaa
$471,000,000 LIBOR + 0.05% Class A-4 Asset backed Notes, rated Aaa
Moody’s said the rating of Prime-1 for the Class A-1 notes is based primarily on the expected cashflows on the underlying receivables during the collection periods prior to the Class A-1 final maturity date, and partially on the financial guaranty insurance policy provided by Financial Guaranty Insurance Company (FGIC), whose insurance financial strength rating is Aaa. The ratings of Aaa for the remaining classes of notes are based primarily on the FGIC policy. Moody’s believes the risk assumed by FGIC in insuring the notes is investment- grade at closing.