Santander Consumer USA is in the market with Santander Drive Auto Receivables Trust (SDART) 2012-3.
Moody's Investors Service has assigned provisional ratings to roughly $1.3 billion notes to be issued by SDART 2012-3. This is the firm's third public subprime securitization for 2012, Moody's reported.
The rating agency's complete rating actions are as follows: Class A-1 assigned 'P-1 (sf)'; Class A-2 assigned 'Aaa (sf)'; Class A-3 assigned 'Aaa (sf)'; Class B assigned 'Aa1 (sf)' and Class C assigned 'Aa3 (sf)'; Class D assigned 'Baa1 (sf)'; and Class E assigned 'Ba1 (sf)'.
Other transactions in the market include Chesapeake Funding's auto-related ABS that might price this week and TAL Advantage's shipping container offering worth $250 million, according to Bloomberg.