European Auto ABS Index Report Q2 2009?Performance Is Still Deteriorating In Spain, But Quite Stable Elsewhere Sep 09

Standard & Poors, September 2009

Abstract
Overall delinquency rates in Standard & Poor's Ratings Services' European auto ABS indices have increased by 48 basis points (bps) during Q2 2009, compared with the end of Q1. Loans more than 90 days in arrears increased by 32 bps to 1.78% in June 2009, from 1.47% at the end of Q1. The increase is once again mainly driven by the Spanish auto asset-backed securities (ABS) sector, where loans more than 90 days in arrears increased to 4.80% at the end of Q2 from 4.08% at the end of Q1. If we exclude the Spanish deals from the index calculation, loans more than 90 days in arrears at the end of Q1 and Q2 are 0.70% and 0.83%. The average...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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