Volkswagen extended its Driver auto loan securitization franchise into the French market via the €491 million ($650M) Driver France FCT Compartiment 2013-1 transaction.
The deal has been assigned preliminary ratings by Standard & Poor's. The €465 million, class A notes , structured with 8.20% credit enehancement are rated ‘AAA’. The class B notes, sized at €16.2 million and structured with 4.92% credit enehancement are rated ‘A+’. A €9.8 million subordinated loan provided by an affiliate of Volkswagen, has not been rated.