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Presale: Hyundai Auto Receivables Trust 2011-B
Standard & Poors, May 2011
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 Hyundai Auto Receivables Trust 2011-B's (the trust's) asset-backed notes reflect our view of: The availability of approximately 16.7%, 13.6%, 10.9%, and 8.9% credit support (based on stressed cash flow scenarios), including excess spread, which provide more than 5.0x, 4.0x, 3.0x, and 2.0x coverage of our expected loss range of 2.75%-3.25% for the class A, B, C, and D notes, respectively (see the Cash Flow Modeling section below for more information); The likelihood that the ratings on the notes will remain within one category of the preliminary ratings under a moderate stress scenario of 2.0x our expected net loss level. This is within the one-category tolerance for our preliminary 'AAA (sf)!APOS; and 'AA (sf)' rated securities...
Companies mentioned in this report are: Hyundai Auto Receivables Trust 2011-B
Hyundai Auto Receivables Trust 2011-B