Fitch assigns ratings to AmeriCredit Automobile Receivables Trust 2006-B-G asset-backed notes as follows:
-- $166,000,000 class A-1 5.3484% 'F1+';
-- $342,000,000 class A-2 5.37% 'AAA';
-- $352,000,000 class A-3 5.21% 'AAA';
-- $340,000,000 class A-4 5.21% 'AAA'.
The securities, which represent the fourth securitization of the year offered by AmeriCredit Financial Services, Inc. (ACF), were issued with a financial guaranty insurance policy from Financial Guaranty Insurance Company Inc. (FGIC), whose insurer financial strength (IFS) rating is 'AAA'. The note policy ensures full and timely payment of interest and principal by the final scheduled distribution date. The ratings address the likelihood that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The ratings are based on the terms of the financial guaranty insurance policy and IFS rating of FGIC, the transaction's sound legal and cash flow structures, and the strength of ACF as originator and servicer of the receivables.
Interest and principal on the notes are distributed monthly on the sixth day of each month or the following business day, commencing on Oct. 6, 2006. Principal is distributed sequentially beginning with the class A-1 notes until paid in full. Before drawing upon the insurance policy, losses will be covered by excess spread, overcollateralization (OC), and a spread account. Excess spread will be available to make accelerated principal payments on the notes, thereby increasing OC to its targeted level. The initial enhancement provided by overcollateralization (OC) of 7.50% of the initial pool balance growing to 12.0% and a fully funded, non-declining reserve account of 2.00% of the initial pool balance.
The receivables in the 2006-B-G trust are simple interest receivables made with respect to new (27.4%) and used (72.6%) automobiles and light-duty trucks and vans. The weighted average FICO is 589 and the weighted average APR is 16.91%. The pool is well-diversified geographically, with the largest state concentrations in Texas (12.4%), California (10.6%), Florida (10.4%), Ohio (5.2%), Pennsylvania (5.1%) and New York (4.1%). Geographic diversification acts to insulate the transaction against regional economic downturns. All collateral data is as of the statistical calculation date.
ACF is a wholly owned operating subsidiary of AmeriCredit Corp. (rated 'BB-', with a Positive Rating Outlook by Fitch). AmeriCredit Corp. is a consumer finance company specializing in purchasing, securitizing, and servicing automobile loans in the nonprime automobile finance industry. As of June 30, 2006, the company's managed automobile receivables totaled $12.2 billion, total delinquencies and repossessed assets as a percentage of the portfolio stood at 7.5%, and net chargeoffs as a percentage of average month-end principal outstanding equaled 5.2%
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.
