Scope Ratings has reviewed the performance of Globaldrive Germany Retail VFN 2018 BV and no rating action is granted, based on this. (The current ratings are available here and here.) Credit enhancement remains at 12.4% for Class A1 and Class A2 (jointly class A) notes since closing. Performance is better than expected, as assets more than 90 days past due represent only 0.09% 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 25 February 2020. Scope assesses marginally higher counterparty risk with originator and servicer, FCE Bank plc and Ford Bank GmbH, mitigated by a fully funded and well sized commingling reserve. Account bank and paying agent, Elavon Financial Services DAC, U.K. Branch and interest swap provider, Lloyds Bank Corporate Markets Plc continue to support the ratings with no change in counterparty risk exposure.

The transaction is a true-sale securitisation of a granular EUR 563.4m revolving portfolio (EUR 449.7m at closing) of amortising auto loans granted to private individuals in Germany. The fixed rate loans were originated by Ford Bank GmbH, the German financial services provider of Ford Motor Company. The transaction closed on 19 November 2018.