pdf-articles Ratings /ratings/en/research/pdf-articles/230308-presale-santander-drive-auto-receivables-trust-2023-2-12661867 content esgSubNav

Presale: Santander Drive Auto Receivables Trust 2023-2

The preliminary ratings assigned to Santander Drive Auto Receivables Trust 2023-2's (SDART 2023-2) automobile receivables-backed 2023-2 notes reflect: The availability of approximately 53.00%, 46.01%, 35.10%, and 26.63% credit support (hard credit enhancement and haircut to excess spread) for the class A (collectively, classes A-1, A-2, and A-3), B, C, and D notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 3.40x, 2.95x, 2.25x, and 1.70x our 15.50% expected cumulative net loss (ECNL) for the class A, B, C and D notes, respectively (see the Credit Enhancement And Collateral, and the Cash Flow Modeling Assumptions And Results sections). The expectation that under a moderate ('BBB') stress scenario (1.70x our expected loss level), all else being