Santander Consumer Bank is in the market with a €573.0 million ($780 million) securitization backed by a portfolio of German auto loans.

Moody's Investors Service has a provisional rating of 'Aaa' to the Class A floating-rate notes to be issued by SC Germany Auto 2011-2 UG, due December 2021.

No provisional ratings have been assigned to the €27million Class-B floating rate notes.

The transaction is backed by auto loans extended to obligors in Germany by Santander Consumer, which is a wholly-owned subsidiary of Santander Consumer Finance.

This is the thirteenth public securitization transaction sponsored by Santander Consumer.  


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