Rating Affirmed On Cars Alliance Auto Loans Germany Master FCT's Class A ABS Notes Following Restructuring

OVERVIEW We have affirmed our 'AAA (sf)' rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following restructuring. The transaction securitizes a pool of fixed-rate amortizing and balloon auto loans originated by the German branch of RCI Banque, to German retail customers. MOSCOW (S&P Global Ratings) March 19, 2018--S&P Global Ratings today affirmed its 'AAA (sf)' credit rating on Cars Alliance Auto Loans Germany Master FCT's class A notes. Today's affirmation follows our full credit and cash flow review of the transaction. As part of the restructuring, the transaction's revolving period has been extended by another four years, until March 2022. During the revolving period, additional senior class A notes can be issued monthly, up to a

...OVERVIEW + We have affirmed our '### (sf)' rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following restructuring. + The transaction securitizes a pool of fixed-rate amortizing and balloon auto loans originated by the German branch of RCI Banque, to German retail customers. MOSCOW (S&P Global Ratings) March 19, 2018--S&P Global Ratings today affirmed its '### (sf)' credit rating on Cars Alliance Auto Loans Germany Master FCT's class A notes. Today's affirmation follows our full credit and cash flow review of the transaction. As part of the restructuring, the transaction's revolving period has been extended by another four years, until March 2022. During the revolving period, additional senior class A notes can be issued monthly, up to a maximum program size of 3 billion, which was revised upwards from 2 billion at closing in 2014 (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). We have analyzed credit risk in accordance...

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