Banque PSA Finance, a fully owned subsidiary of Peugeot S.A. is marketing its third German auto lease securitization.
Moody's Investors Service assigned provisional ratings to the €14.4 million of ABS notes to be issued by Auto ABS German Lease Master Trust. The class A, 2013-1 notes are rated ‘Aaa’ and the class A, 2013-2 notes are rated ‘Aaa. Moody's has not rated the €5.6 million class B Notes.
The revolving cash securitization program can issue up to €2.1 billion of Class A and Class B notes but issuance is will not exceed a maximum amount of €1.5 billion at any one time. The ratings agency said it may also assign ratings to future senior notes issued by the trust.
The deal is backed by a pool of amortizing leases granted to individuals and SMEs residing in Germany, in order to finance the purchase of new (80%) and demonstration (20%) vehicles branded mainly Peugeot and Citroen.