...Delinquency and loss rates on prime auto loan asset-backed securities (ABS) moved higher in the beginning of 2009, before declining slightly in March. However, rating performance remained stable throughout the quarter, as deteriorating performance did not translate into negative rating actions. January delinquencies hit their highest level in 12 years, while losses reached a record high. Fitch Ratings' prime 60-plus days delinquency index reached 0.87% in early 2009, before declining 21% to 0.69% in March. March delinquencies were 9.5% higher than a year earlier. Prime annualized net losses (ANL) hit a historical high of 2.23% in January, but then posted a slight improvement in March declining to 2.08%. Despite the improvement in losses, March loss levels were 54% higher than in the first quarter of 2008. Seasonally adjusted cumulative net losses (CNL) continued rising and posted 11 consecutive month-over-month increases, hitting 1.15% in March 2009. This was the highest level since February...
