TEXT-S&P rts German auto ABS deal globaldrive auto receivabls 20

Newswire

(The following statement was released by the ratings agency) May 27 - OVERVIEW -- We have assigned preliminary ratings to the class A and B asset-backed floating-rate notes in this transaction. -- The collateral comprises auto loan receivables that the German branch of FCE Bank has originated. -- This will be FCE Bank's 12th German publicly rated transaction. Standard & Poor's Ratings Services has assigned its preliminary credit ratings to Globaldrive Auto Receivables 2011-A ...

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