Transaction Update: Cars Alliance Auto Loans Germany Master FCT

S&P Global Ratings today affirmed its 'AAA (sf)' credit rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following the March 19, 2018 restructuring of the transaction. The program also features the unrated class B notes. The transaction closed in March 2014 and was originally set up to have the revolving period until March 2018 with a possible extension (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). The current restructuring extends the revolving period by another four years, until March 2022. In addition, the following amendments were made to the transaction documents: The legal final maturity was extended until March 18, 2035. The maximum amount of the class A notes

...S&P Global Ratings today affirmed its '### (sf)' credit rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following the March 19, 2018 restructuring of the transaction. The program also features the unrated class B notes. The transaction closed in March 2014 and was originally set up to have the revolving period until March 2018 with a possible extension (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). The current restructuring extends the revolving period by another four years, until March 2022. In addition, the following amendments were made to the transaction documents: + The legal final maturity was extended until March 18, 2035. + The maximum amount of the class A notes increased to 3 billion from 2 billion. + The class A notes' weighted-average interest rate decreased to 1.75% from 3.00%. + The receivables' minimum discount rate decreased to 4.75% from 6.0%. During the revolving period, the issuer will issue further series...

Transaction Update Report