Santander Consumer Finance SA will issue a €912.3 million ($1.34 million) securitization of auto loans.

The deal us called Fondo de Titilizacion de Activos Santander Consumer Spain Auto 2011-1.

It is backed by a portfolio of 85,456 unsecured auto loans granted to 84,975 obligors located in Spain, 97.4% of whom are private individuals, according to Moody's Investors Service.

The rating agency has assigned a provisional rating of 'Aaa' to the series A note, 'Aa3' to the series B note and 'Baa2' to the series C note.

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