Austria is headed down the same successful path as neighboring Germany, issuing its first publicly traded auto-loan and leasing ABS transaction. Last week Standard & Poor's issued a preliminary triple-A rating to the EURO384 million class-A tranche and a single-A rating to the EURO16 million class-B tranche.

"Structure can become a vital instrument for institutions where new equity is relatively hard to get," said S&P analyst Torsten Althaus. While it's Austria's first, Althaus stresses that the auto transaction's structure is not unlike its German counterparts. Its function is similar as well, except that the originating company is Austria-based.

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