EUR411m class A notes: affirmed at ‘AAAsf’; Outlook StableGolden Bar is a multi-compartment vehicle and the affirmation follows a review of the
performance to date and documentation following the anticipated further issuance from the
program (Golden Bar 2011-2).The 2011-1 issuance closed in March 2011 and as of the latest investor reports, defaults
were reported as EUR595,000 and fully covered by available excess spread. Excess spread after
defaults and recoveries was EUR5.5m. Delinquencies currently account for 1.2% of the current
portfolio.Golden Bar is a securitisation of consumer and corporate auto loans originated
by Santander Consumer Bank [CCKGg.UL](not rated but fully owned by Santander Consumer Finance
‘AA’/Stable/’F1+’). The transaction is still in its revolving period, which will end
on the payment date falling in November 2012, if no purchase termination events occur. During
the revolving period, principal repaid by obligors is used to purchase subsequent portfolios on
a quarterly basis.
