Santander Drive Auto Receivables Trust 2022-2 — Moody’s assigns definitive ratings to Santander Drive Auto Receivables Trust 2022-2 notes

Rating Action: Moody’s assigns definitive ratings to Santander Drive Auto Receivables Trust 2022-2 notesGlobal Credit Research – 30 Mar 2022Approximately $1.7 billion of asset-backed securities ratedNew York, March 30, 2022 — Moody’s Investors Service (“Moody’s”) has assigned definitive ratings to the notes issued by Santander Drive Auto Receivables Trust 2022-2 (SDART 2022-2). This will be the second SDART auto loan transaction of the year for Santander Consumer USA Inc. (SC; unrated). The notes will be backed by a pool of retail automobile loan contracts originated by SC, who is also the servicer and administrator for the transaction.The complete rating actions are as follows:Issuer: Santander Drive Auto Receivables Trust 2022-2Class A-1 Notes, Definitive Rating Assigned P-1 (sf)Class A-2 Notes, Definitive Rating Assigned Aaa (sf)Class A-3 Notes, Definitive Rating Assigned Aaa (sf)Class B Notes, Definitive Rating Assigned Aaa (sf)Class C Notes, Definitive Rating Assigned Aa2 (sf)RATINGS RATIONALEThe ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure, and the experience and expertise of SC as the servicer.Moody’s median cumulative net loss expectation for SDART 2022-2 is 14.0% and loss at a Aaa stress is 41.0%. Moody’s based its cumulative net loss expectation and loss at a Aaa stress on an analysis of the credit quality of the underlying collateral; the historical performance of similar…