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

OVERVIEW We have affirmed our 'AAA (sf)' rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following our review of the transaction's performance. 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 29, 2017--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 credit and cash flow review of the transaction since closing in March 2014 (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). The transaction is still in its four-year revolving period, which is

...OVERVIEW + We have affirmed our '### (sf)' rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following our review of the transaction's performance. + 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 29, 2017--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 credit and cash flow review of the transaction since closing in March 2014 (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). The transaction is still in its four-year revolving period, which is scheduled to terminate in March 2018 but may be extended. During the revolving period, additional senior class A notes can be issued monthly, up to a maximum program size of 2 billion. We have analyzed credit risk in accordance with...

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