Fitch rates Currus XIX Limited as follows:
---$ 487,500,000 senior facility, 'A'
---$ 6,250,000 subordinated B1 facility, 'BBB'
---$ 6,250,000 subordinated B2 facility, 'BBB'
The facilities were privately placed on April 26, 2007, and are secured by a first priority perfected security interest in the dealer floorplan backed notes.
The ratings are based primarily on an analysis of the underlying collateral which consists of dealer floorplan asset backed securities currently rated 'AAA', 'A' and 'BBB' by Fitch. In addition, the rating considers the structure of the transaction which provides for 2.56% of subordination to the senior facility. The subordinated B1 facility and the subordinated B2 Facility do not benefit from subordination. The subordinated B1 facility and the subordinated B2 Facility are pari passu and are paid pro rata. Finally, Fitch considered the ratings of all of the counterparties involved in the transaction and their guarantors.
Fitch's ratings for the senior facility and subordinated B1 and subordinated B2 facilities address the likelihood of full repayment of interest and principal in accordance with the terms of the transaction's governing documents depending on the facility.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.