DBRS Morningstar Discontinues Rating of Globaldrive UK Dealer Floorplan Funding I Limited

DBRS Ratings Limited (DBRS Morningstar) discontinued and withdrew its rating on the Series 2010-1 Class A Loan Notes (2010-1 Series) issued by Globaldrive UK Dealer Floorplan Funding I Limited (the Issuer) at the request of the Issuer.

The rating on the 2010-1 Series prior to its discontinuation and withdrawal was AAA (sf) and it addressed the timely payment of interest and full payment of principal by the legal maturity date on 12 June 2021.

The Issuer is a securitisation consisting of auto wholesale receivables originated by FCE Bank plc (FCE) and relating to the purchase and financing by motor vehicle dealers of their new vehicle inventory and dealer vehicle plan receivables.

DBRS Morningstar continues to rate the Series 2007-1 Class A Loan Notes (2007-1 Series). The revolving period of the 2007-1 Series was extended to 12 September 2020 from 12 December 2019 following an amendment executed on 12 December 2019, which did not have an impact on its rating. The rating of the 2007-1 Series was confirmed at AAA (sf) on the annual review of 12 April 2019. The rating addresses the timely payment of interest and full payment of principal by the legal maturity date on 12 June 2021.

Please refer to www.dbrs.com for more information.

Notes:
All figures are in British pound sterling unless otherwise noted.

The principal methodology applicable to the rating is: “Master European Structured Finance Surveillance Methodology”.

In DBRS Morningstar’s opinion, a discontinued-withdrawn rating action does not warrant the application of the entire principal methodology.

Other methodologies referenced in this transaction are listed at the end of this press release.

These may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to “Appendix C: The Impact of Sovereign Ratings on Other DBRS Credit Ratings” of the “Global Methodology for Rating Sovereign Governments” at: https://www.dbrs.com/research/350410/global-methodology-for-rating-sovereign-governments.

The sources of data and information used for this rating include information and a withdrawal request from FCE.

DBRS Morningstar did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating, DBRS Morningstar was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS Morningstar considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS Morningstar does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 12 April 2019, when DBRS Morningstar confirmed the ratings of the 2007-1 Series and the 2010-1 Series at AAA (sf).

The lead analyst responsibilities for this transaction have been transferred to Natalia Coman.

Information regarding DBRS Morningstar ratings, including definitions, policies and methodologies, is available on www.dbrs.com.

As this is a discontinued-withdrawn rating action, sensitivity analysis is not applicable.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.

Lead Analyst: Natalia Coman, Senior Financial Analyst
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 12 January 2010

DBRS Ratings Limited
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London EC3M 3BY United Kingdom
Registered and incorporated under the laws of England and Wales: Company No. 7139960

The rating methodologies used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

-- Master European Structured Finance Surveillance Methodology
-- Rating European Auto Wholesale Securitisations
-- Legal Criteria for European Structured Finance Transactions
-- Interest Rate Stresses for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Operational Risk Assessment for European Structured Finance Originators

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.