TEXT-Fitch affirms DFM 2005 ratings at AAAsf; stable outlook=2

Newswire

The transaction involves the securitisation of auto loans made by DFM N.V. (DFM) to auto dealers in the Netherlands. The auto dealers use the loans to make operational leases to SMEs in the Netherlands. The loans to the dealers are secured on both the underlying lease contracts and on the leased vehicles. DFM is a subsidiary of Volkswagen Pon Financial Services BV, part of Volkswagen AG (rated 'A-'/'F2') and Dutch car dealer Pon Holding B.V., a private company in the Netherlands. DFM is not ...

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