Volkswagen Financial Services will tap Spanish auto loan receivables in its upcoming Driver securitization.

The deal, Driver Espana Two, will offer €723.7 million ($820.6 million) of bonds. Standard & Poor’s and Moody’s Investor’s Service have assigned preliminary ratings of ‘AA’/ ‘Aa2’ on the class A notes and ‘AA’/ ‘A2’ ratings on the class B notes.

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