Credipar, a subsidiary of Banque PSA Finance, plans to issue the first investor-placed French auto ABS of the year, the €470 million ($609 million) AUTO ABS FCT Compartiment 2013-2.
Moody’s Investors Service has assigned preliminary ratings to the deal. The capital structure will offer senior and mezzanine notes. The €450 million class A notes are rated ‘Aaa’ and the €19.7 million class B notes are rated ‘A2’. Moody's has not rated the €24.85 million class C Notes.
This transaction is the seventh French auto loan securitization program originated by Credipar .
According to the Moody’s presale, the issuer will securitize a pool of amortizing loans as well as balloon loans to individuals residing in France, in order to finance the purchase of new and used vehicles branded mainly Peugeot and Citroen.
