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Auto ABS Hold Steady In 1999 Mar 99
Standard & Poors, March 1999
Abstract
Auto ABS volume was temporarily derailed by dramatic spread widening during the second half of 1998, but the market has recovered. For the rest of 1999, the same force that fueled the furious growth in the first half of last year-the comeback of the U.S. captives-will continue. Assuming that the economy stays strong, auto sales should remain robust. Furthermore, although consolidation among manufacturers and in the subprime sector may shrink the number of issuers, transactions will continue to grow in size. As a result, auto loan securitization volume should moderately increase this year. Despite reduced issuance activity in late 1998, Standard & Poor's rated $37.41 billion in private and public auto loan term securitizations in 1998, up 8% from 1997....
Companies mentioned in this report are: Chrysler Financial Services Americas LLC,Ford Motor Credit Co. LLC,Ally Financial Inc.,Nissan Motor Acceptance Corp.,Advanta Corp,MBIA Insurance Corp.,Hyundai Capital America,Mercury Finance Corp.,Assurant Inc.,Arcadia Financial Ltd.,Capital One Financial Corp.,Key Bank U.S.A., N.A. ,General Motors Financial Co. Inc.
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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