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European Auto ABS Issuance Revs Up On The Back Of Mostly Stable Loan Performance Feb 11
Standard & Poors, February 2011
Robust performance among most European auto asset-backed securities (ABS) has contributed to a return in investor confidence, favorable issuer economics, and a consequent renaissance in new issuance, in Standard & Poor's Ratings Services' opinion. In the first four weeks of 2011, auto ABS accounted for almost half of all European investor-placed securitization issuance according to our data, with more transactions in the pipeline. Although we expect continued stable collateral performance in auto ABS across northern European countries throughout 2011, where new issuance is most active, we believe that the uneven pace of economic recovery across the region could polarize this performance along a north-south divide. Delinquencies in German transactions, for example, peaked in Q3 2009 at only about 0.51%, and...
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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