Moody's Investors Service said today that it will rate Motor 2012 PLC, a car loan securitization deal issued by Santander U.K.

The £717 million ($1.13 billion) deal is structured with three Class A notes that will be assigned a provisional rating of 'AAA' by Moody's. All notes will be issued as U.S. dollar tranches.

Bank of America, Citigroup and Santander are joint leads on the auto deal.

Foreign issuers marketing tranches to a U.S. investor base isn't unusual. U.K. RMBS deals often include tranches sized in U.S. dollar sizes. Barclays Capital also noted in an Aug. 24 report  that that U.K.- and Canadian-based issuers are increasingly tapping the strong U.S. buyer appetite as a way to widen their investor base.  

The Santander deal will also market a subordinate Class B notes that have not been rated by Moody's and will be issued in sterling.

This is the second public securitization in the U.K. sponsored by Santander. The provisional portfolio of underlying assets consists of conditional sale, fixed-sum loan and personal contract purchase agreements  granted to individuals resident in the U.K. to finance the purchase of new and used vehicles.      

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