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TEXT-S&P asgn Commissioner Street No. 5 (RF) Ltd TopDrive Funding Sr 2012 prlm rtgs

(The following statement was released by the rating agency)

Oct 02 - OVERVIEW

-- Commissioner Street No. 5 (RF) Ltd. TopDrive Funding's series 2012 issuance is a repackaged pass-through security, whereby all cash flows are derived from the underlying loan to BMW Financial Services (South Africa) Proprietary Ltd. with an unconditional guarantee from BMW AG .

-- We assigned our preliminary ratings to the class A1, A2, and A3 notes.

-- The preliminary ratings reflect our view of the transaction's structural features, BMW AG's guarantee covering timely interest and principal payments, and our legal analysis, among other factors.

Standard & Poor's Ratings Services today assigned its preliminary ratings to Commissioner Street No. 5 (RF) Ltd. TopDrive Funding's rand-denominated notes series 2012 due 2018 (see list).

The note issuance is a repackaged pass-through security, whereby all cash flows are derived from the underlying loan to BMW Financial Services (South Africa) Proprietary Ltd. with an unconditional guarantee from BMW AG.

The preliminary ratings are based on information as of Oct. 2, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

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