...- AmeriCredit Automobile Receivables Trust 2024-1's issuance is an ABS securitization backed by subprime auto loan receivables. - We assigned our ratings to the class A-1, A-2-A, A-2-B, A-3, B, C, and D notes. - The ratings reflect our view of the transaction's credit enhancement and payment and legal structures, among other factors. TORONTO (S&P Global Ratings) May 29, 2024--S&P Global Ratings today assigned its ratings to AmeriCredit Automobile Receivables Trust 2024-1's automobile receivables-backed notes (see list). The note issuance is an ABS securitization backed by subprime auto loan receivables. The ratings reflect our view of: - The availability of approximately 37.73%, 32.97%, 26.34%, and 20.80% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2-A/A-2-B, and A-3, collectively), B, C, and D notes, respectively, based on final post-pricing stressed cash flow scenarios. These credit support levels provide at least 3.50x, 3.25x,...
