DBRS assigned ‘AAA’ ratings to €109.3 million ($120.9 million) of notes issued from RCI Banque’s Cars Alliance Auto Loans France Master.
Cars Alliance is a French master trust securitization backed by a pool of auto loan receivables. The loans finance both new and used motor vehicles originated and serviced by DIAC S.A., a French subsidiary of RCI Banque.
The series 2016-1 class A notes are issued from a transaction that closed on 25 May 25, 2012. The transaction is structured with a revolving period that extends until the July 2016. During the revolving period, RCI Banque may acquire additional receivables and issue further series of notes with different expected maturities based on the amortization profile of the additional receivables
Since closing, replenishment of the underlying receivables has met the portfolio revolving conditions on each payment date, according to DBRS.
As of the February 2016 payment date, one to two months delinquencies and two to three months delinquencies were 0.56% and 0.18% of the portfolio net discounted balance, respectively. The cumulative gross default ratio was 1.16% of the aggregated original balance, with cumulative recoveries of 67.30%.
Credit enhancement for the outstanding series of the class A notes is equal to 16%.
