Fitch Ratings affirms JPMorgan Auto Receivables Trust 2008-A asset-backed notes as part of its ongoing surveillance process.
The collateral is performing slightly worse than Fitch's initial expectations. However, currently under the credit enhancement structure, the securities can still withstand stress scenarios consistent with the rating categories and make full payments of interest and principal in accordance with the term of the documents.
As before, the ratings of the securities reflect the high quality of the underlying retail installment sales contracts, available credit enhancement, the sound legal and cash flow structure, and strength of System & Services Technologies, Inc. (SST) as the receivables servicer and JPMorgan as master servicer.
The ratings are affirmed as follows:
--Class A-2 asset-backed notes at 'AAA'; Outlook Stable;
--Class A-3 asset-backed notes at 'AAA'; Outlook Stable;
--Class A-4 asset-backed notes at 'AAA'; Outlook Stable;
--Class B asset-backed notes at 'AA'; Outlook Stable;
--Class C asset-backed notes at 'A'; Outlook Stable;
--Class D asset-backed notes at 'BBB'; Outlook Stable;
--Class E asset-backed notes at 'BB'; Outlook Stable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Contacts:
Fitch Ratings, New York
Benjamin Tano, +1-212-908-0871
Joachim
Over, +1-212-908-0830
Media Relations:
Sandro Scenga,
+1-212-908-0278
sandro.scenga@fitchratings.com
