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Presale: Ally Auto Receivables Trust 2011-2 Product Image

Presale: Ally Auto Receivables Trust 2011-2

  • ID: 1711984
  • April 2011
  • Standard & Poors

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: Full Analysis

The preliminary ratings assigned to Ally Auto Receivables Trust 2011-2's (AART 2011-2's) asset-backed notes reflect our view of: The availability of approximately 11.2%, 9.3%, 7.3%, and 6.1% credit support (based on break-even cash flow scenarios), including excess spread, to support the class A, B, C, and D notes, respectively. This credit support provides more than 5.0x, 4.5x, 3.0x, and 2.0x our 1.80%-2.00% expected net loss range for the class A, B, C, and D notes, respectively (for more information, see the Standard & Poor's Expected Loss section below); Our expectation that under a moderate, or 'BBB', stress scenario, our ratings on the class A and B notes would not decline by more than one rating category (all else being equal)...

Companies mentioned in this report are: Ally Auto Receivables Trust 2011-2

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