Following its monthly surveillance review, Fitch Ratings identified seven of its $59.6 billion U.S. ABS Auto deals as 'Under Analysis', indicating that Fitch will be issuing a rating action within 30 days. Of the seven deals, five deals have been placed 'Under Analysis' because Fitch has not publicly reviewed them in the past 12 months. One hundred-and-one auto deals were designated with a SMARTView date of Jan. 15, 2009, indicating that no immediate action is necessary. The following transactions are being reviewed because their performance is outside of initial expectations:
--Capital Auto Receivables Asset Trust 2004-2
--Capital Auto Receivables Asset Trust 2006-1
Last month one transaction was identified as 'Under Analysis,' which Fitch has since reviewed. The review resulted in the transaction having all outstanding classes affirmed.
To review a list of deals Under Analysis use the following link (accessible to all users of the Fitch web site): www.fitchratings.com/smartview
As Fitch receives monthly information on structured finance transactions from trustees and servicers, Fitch analysts run the data through various internal algorithms that identify classes of a transaction as possible candidates for upgrade or downgrade. Fitch's analysts scrutinize the output to decide which deals need a formal review, which are noted as 'under analysis', and those deals which can be given a SMARTView date.
SMARTView is available on the Fitch Ratings web site at www.fitchratings.com, along with the report titled 'SMARTView, Fitch U.S. Structured Finance Monthly Public Reviews'.
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
Mary MacNeill, 212-908-0785
Stefanie
Leung, 212-908-0826
or
Media Relations:
Sandro Scenga,
212-908-0278
Email: sandro.scenga@fitchratings.com