Fitch Ratings upgrades nine classes and affirms six classes of Bank of America Auto Trust 2008-1 as part of its ongoing surveillance process. Fitch also revises the Rating Outlook to Positive from Stable.
The upgrades are a result of continued available credit enhancement in excess of stressed remaining losses. The collateral continues to perform within Fitch''s base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the upgraded rating categories and still make full payments of interest and principal in accordance with the terms of the documents.
As before, the ratings reflect the quality of Bank of America, N.A.''s (BANA) retail auto loan originations, the sound financial and legal structure of the transaction, and the servicing provided by BANA.
Fitch takes the following rating actions:
--Class A-2a asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class A-2b asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class A-3a asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class A-3b asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class A-4 asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class A-5 asset-backed notes affirmed at ''AAA''; Outlook Stable;
--Class B asset-backed notes upgraded to ''AA+'' from ''AA''; Outlook to Positive from Stable;
--Class C asset-backed notes upgraded to ''AA'' from ''AA-''; Outlook to Positive from Stable;
--Class D asset-backed notes upgraded to ''AA-'' from ''A''; Outlook to Positive from Stable;
--Class E asset-backed notes upgraded to ''A+'' from ''A-''; Outlook to Positive from Stable;
--Class F asset-backed notes upgraded to ''A-'' from ''BBB''; Outlook to Positive from Stable;
--Class G asset-backed notes upgraded to ''A-'' from ''BBB''; Outlook to Positive from Stable;
--Class H asset-backed notes upgraded to ''BBB+'' from ''BBB-''; Outlook to Positive from Stable;
--Class I asset-backed notes upgraded to ''BBB'' from ''BB+''; Outlook to Positive from Stable;
--Class J asset-backed notes upgraded to ''BBB-'' from ''BB''; Outlook to Positive from 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
Bradley Sohl, 312-368-3127, Chicago
Benjamin
Tano, 212-908-0871, New York
Joachim Over, 212-908-0830, New York
or
Media
Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com
