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New Issue: Citizen Irish Auto Receivables Trust 2020 DAC

Citizen Irish Auto Receivables Trust 2020 DAC (Citizen Auto 2020) is an ABS transaction backed by a pool of new and used auto finance receivables. The closing pool predominantly comprises consumer hire-purchase agreements plus a relatively smaller proportion of commercial hire-purchase, acquisition lease, and contract hire agreements originated by First Citizen Finance DAC to its private retail and commercial clients in Ireland. This is the third securitization of First Citizen Finance's assets that we have rated. In line with the previous transaction from this originator (Citizen Irish Auto Receivables Trust 2018 DAC), this transaction features a revolving period during which more assets can be sold to the issuer daily. The revolving period will end in December 2021, or earlier if