London, 05 December 2012 -- Moody's Investors Service today assigns provisional ratings to ABS notes to be issued by Auto ABS French Loan Master:

--EUR [36.5M] Class A 2012-01 Notes due April 2024, Assigned (P)Aaa (sf)

--EUR [100M] Class A 2012-02 Notes due April 2024, Assigned (P)Aaa (sf)

--EUR [130M] Class A 2012-03 Notes due April 2024, Assigned (P)Aaa (sf)

Moody's has not rated the EUR [29] Million Class B Notes.

Moody's may also assign ratings to future senior notes issued by Auto ABS French Loan Master (the Class A 20xx-yy Notes). Any subsequent Notes rated out of this programme will be disclosed on www.moodys.com. The issuance of subsequent series of Class A 20xx-yy will be subject to compliance with a number of conditions precedent as per the Terms and Conditions of the Notes (such as maintaining minimum credit enhancement levels). The Class A 20xx-yy legal final maturity date is 29 April 2024.

The ratings for the Class A 20xx-yy Notes will be on the actual notes amount issued from time to time that could change compared to the amount at closing due to further possible issuances, but the sum of the Class A 20xx-yy will not exceed a maximum amount of EUR 2,000,000,000 at any one time.

The below press release disclosures and analysis also covers all subsequent series of Class A 20xx-yy Notes until potential updates communicated through press releases. Please see www.moodys.com for specific information on this class.

This transaction is the fifth French auto loan securitisation program originated by Credipar, a subsidy of the Peugeot SA (Ba3) group. Under this revolving cash securitisation program, the issuer securitises a pool of amortising loans as well as balloon loans granted by Credipar to individuals residing in France, in order to finance the purchase of new (60% at closing) and used (40% at closing) vehicles branded mainly Peugeot and Citroen. Credipar is a financial institution which is 99.99% owned by Banque PSA Finance (Baa3/P-3).

Credit enhancement is provided through excess spread, subordination and a reserve fund of 1.65% of the outstanding amount of the Notes.

RATINGS RATIONALE

According to Moody's, the transaction benefits from a highly granular portfolio on which over 9 years of historical data were provided. Further strengths of the transaction include an experienced originator, relatively stable performance of past French transactions and a minimum weighted average loan interest rate of 7.5%.

Moody's notes that the transaction features some credit weaknesses such as: a relatively long replenishment period (2.5 years) coupled with various structural features allowing for rapid portfolio increases compared to that at closing. Triggers, New Note issuance conditions and eligibility criteria provide certain structural protections against these risks. Moody's has also factored these aspects in its quantitative analysis. In addition, certain commingling risk exposure may exist following Servicer insolvency. However, this is mitigated by the daily sweep of funds from the servicer collection account (French compte à affectation spéciale) to the issuer account and a dedicated commingling reserve.

In its quantitative assessment, Moody's assumed a mean default rate of 3.20%, with a coefficient of variation of 45% and a recovery rate of 35%. Moody's also tested other sets of assumptions under its Parameter Sensitivities analysis, such as increasing default to 3.7% and 4.2%, and decreasing recoveries to 30% and 25%. The results show that the model output would be Aa2 if the mean default rate assumption was to increase to 4.2% and the recovery lowered to 25%, all other parameters being kept unchanged. For more details, please refer to the full Parameter Sensitivity analysis included in the New Issue Report of this transaction.

The V-Score analysis for the transaction is Low/Medium. One aspect of note is the absence of back-up servicing arrangement which poses some increased uncertainty as the structure relies strongly on Credipar as servicer for the portfolio. As of the closing date, there is no back-up servicer in place and no trigger is incorporated to identify a back-up servicer prior to a potential servicer termination event such as actual servicer insolvency. Nevertheless, in Moody's opinion, the likelihood of severe disruptions in the servicing process is reduced as (1) Credipar (not rated) is 99.99% owned by Banque PSA Finance (Baa3/P-3) which is highly integrated in the Peugeot SA (Ba3) group and considered to be strategically important for the group; (2) the likelihood that a default on any of Peugeot S.A. group's financial obligations would result in the immediate liquidation of the Peugeot S.A. group (including Credipar operations) is low; and (3) the structure envisions the management company, France Titrisation, to take over the role as back-up servicer facilitator, i.e. finding a potential back-up servicer, if needed. Nonetheless, in case of significant deteriorations of Peugeot group's and/ or Banque PSA's credit standing or strategic importance, some rating volatility could occur. For more information, the V-Score has been assigned according to the report "V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS Sector", published in January 2009.

The principal methodology used in this rating was Moody's Approach to Rating European Auto ABS published in November 2002. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other factors used in this rating are described in "The Lognormal Method Applied to ABS Analysis" published in July 2000.

In rating this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed scenarios.

The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Notes by legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on yield to investors.

The ratings rationale and regulatory disclosures are applicable to the subsequence issuance of Class A notes as the conditions precedents are met.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF308743 .

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Christophe Larpin Asst Vice President - Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Alex Cataldo Associate Managing Director Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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