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S&P Credit Research15676 word report
published Mar 25, 2009
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | As a result of the various economic and market factors at play, delinquencies and losses among certain U.S. auto loan asset-backed securities (ABS) from the 2007 and first-quarter 2008 vintages have surpassed the peak loss levels recorded in 2000-2001. However, the recession has had an uneven impact across issuers of auto ABS, as some are reporting losses that remain below historical highs. Further, downgrades of transactions backed by consumer auto loans due to collateral performance have been limited to only one transaction so far this year, and there were no performance-related downgrades last year. We have, however, lowered our ratings on bond-insured deals after downgrading certain monolines. Ratings strength in this sector is due to myriad factors, including: Credit enhancement
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Auto Loan Static Index and Collateral Trends Report: Auto Loan ABS Ratings Remain Relatively Stable Amid Recession, But Performance Is Mixed Across Issuers Publication date: 25-Mar-2009 Primary Credit...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
