The transaction is a securitisation of a EUR 520m portfolio of 49,547 fully amortising loans for vehicle acquisitions, which Santander Consumer Finance originated and granted to Spanish consumers and commercial retail clients. The transaction has a ‘Final Determined Amount' definition related to the Seller repurchase price of delinquent and defaulted receivables in case of a clean-up call, a regulatory call or a tax call event occurs.

Scope’s announcement addresses the credit impact of the proposed amendment to the ‘Final Determined Amount’ definition. This proposal is expected to become effective on the 16th of February 2022.

Scope’s analysis only covers the credit impact associated with the proposed amendment described above. Scope Ratings has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said proposed amendment.

This announcement does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit rating along with the associated rating history can be found on www.scoperatings.com.