Scope Ratings has reviewed the performance of Globaldrive Germany Retail VFN 2011 BV and no rating action is granted. (The current rating is available here.) Credit enhancement has increased to 15.6% for the class A notes, up from 12.5% at closing. Performance is stable, as assets more than 90 days past due represent 0.14% of the outstanding non-defaulted assets. The liquidity reserve amounts to 1.15% of the outstanding non-defaulted assets. Additionally, sufficient excess spread is available to protect the class A notes from losses. Performance was assessed from data provided through 31 January 2019. Counterparty risk exposure has not changed since closing; with originator and servicer, FCE Bank plc (not rated); account bank and paying agent, Deutsche Bank AG London Branch (BBB+/Negative Outlook); and interest swap provider, Lloyds Bank plc (A+/Stable Outlook) continuing to support the rating.

The transaction is a true-sale securitisation of a granular EUR 434.8m static portfolio (at closing) of amortising auto loans granted to private individuals in Germany. The fixed rate loans were originated by FCE Bank, the European financial services provider of Ford Motor Company. The transaction closed on 13 December 2011 and was last amended on 26 April 2018. The class A notes have amortised to EUR 277.0m as of 31 January 2019.

Scope continuously monitors Globaldrive Germany Retail VFN 2011 BV.

Ratings and research are freely available at www.scoperatings.com.