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1999 Auto Finance ABS Market Year in Review: Volume Soars and Credit Quality Improves Mar 00
Standard & Poors, March 2000
Abstract
Last year was an excellent year for the auto finance asset-backed securities (ABS) market. Issuance volume increased for the fifth consecutive year and credit performance improved across most segments (see chart 1). Overall, public and private volume, combined, rose 45% to US$54.1 billion. After excluding one private transaction from a bank that is not expected to securitize in the future, volume was still up a robust 20% to US$45.2 billion. Public volume represented US$41.9 billion in issuance, up from US$32.7 billion in 1998. This article will discuss, on a segment-by-segment basis, 1999's issuance activity, as well as credit performance. A new segment has been added, prime auto finance companies, to incorporate several new securitizers, including CarMax Auto Superstores Inc., AutoNation...
Companies mentioned in this report are: Chrysler Corp.,Chrysler Financial Services Americas LLC,Ford Motor Credit Co. LLC,Ally Financial Inc.,Zions Bancorporation,American Honda Finance Corp.,JPMorgan Chase Bank N.A.,Toyota Motor Credit Corp.,Daimler AG,Hyundai Capital America,Falcon Asset Securitization Company LLC,Nissan North America Inc.,Associates First Capital Corp.,Arcadia Financial Ltd.,Key Bank U.S.A. N.A.,General Motors Financial Co. Inc.,DriveTime
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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