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A Stronger Economy And Improved Collateral Characteristics Point To Lower Net Losses For Recent U.S. Auto Loan ABS Securitizations May 11
Standard & Poors, May 2011
Abstract
The market environment surrounding U.S. auto loan asset-backed securities (ABS) strengthened significantly from 2009 through first-quarter 2011, following the recession, the credit markets' temporary standstill, depressed vehicle sales, significant used-vehicle value declines, and the bankruptcy of two major automobile manufacturers. As a result of this improvement, Standard & Poor's Ratings Services has recently been revisiting its loss expectations for both newly issued 2011 and outstanding 2010 securitizations and, in many instances, has lowered its expected losses for those transactions. The revised losses predominantly reflect the better collateral mix in more-recent pools as well as our view that the economy will continue its gradual recovery. Standard & Poor's lifetime cumulative net loss expectations for a number of recently rated transactions are...
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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