A new German auto securitization deal backed by €427.1 million ($570.9 million) of auto loans from GMAC Bank GmbH joined Europe's new-issue pipeline.

The deal, E-Carat S.A., Compartment 3, has had its class A notes and class B notes rated 'Aaa (sf)' and 'A1 (sf)', respectively, by Moody's Investors Service. The notes are due December 2019. Moody's did not assign ratings to the subordinated €24.87 million junior loan.

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