Moody's cuts Globaldrive notes

Moody's Investors Service said it has taken the following rating action on Globaldrive BV series F, an auto loan securitization transaction originated by FCE Bank plc: senior notes, downgraded to A1 and remains on review for possible downgrade; and junior notes at A1, under review for possible downgrade.

The agency said that the action on the senior notes of Globaldrive series F was prompted by the increased uncertainties related to potential distress or insolvency at FCE that could result from a bankruptcy filing by its ultimate parent Ford Motor Co. (Caa3 corporate family rating).

In this transaction, FCE acts as the cash manager of the issuer in charge of applying the available funds according to the transaction waterfall, the agency said.

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