Santander Consumer USA is preparing a $442 million resecuritization of previously unrated notes that were issued by subprime auto loan deals Santander Drive Auto Receivables Trusts (SDART) 2012-5, 2012-6, 2013-1, 2013-2 and 2013-5, according to Standard & Poor's.

The lowest-rated classes issued by the original trusts are currently rated 'AA-' or 'BBB+', according to the S&P presale report.  

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