Volkswagen Bank GmbH is planning its second public securitization of French auto loan receivables. The €500 million ($549.12 million) transaction, called Driver France Two, will be rated by Moody’s Investors Service and Fitch Ratings.

The deal offers three tranches of floating-rate asset backed notes: €465 million ($510 million) of class A notes are provisionally rated ‘Aaa’ and ‘AAA’ by Moody’s and Fitch, respectively. These senior notes benefit from 8% credit enhancement. There are also €16.2 million ($17.72 million) class B notes, rated ‘A+’ and ‘A1’, that benefit from 4.8% credit enhancement. The remaining €15.3 million ($16.8 million) subordinate level notes have not been rated by either agency.

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