Fitch Ratings has taken various rating actions on the following classes of CNH Equipment Trusts:
Series 2006-A
--Class A-3 and A-4 notes affirmed at 'AAA';
--Class B notes affirmed at 'AA'.
Series 2007-A
--Classes A-3 and A-4 notes affirmed at 'AAA';
--Class B notes affirmed at 'A'.
The affirmations are a result of overall stable performance within the transactions. However, both transactions have recently experienced notable increases in losses and delinquencies, and draws on the reserve account. Loss experience for 2006-A and 2007-A has been slightly higher than expected, with cumulative net losses currently at 0.88% and 0.78%, respectively, as of the February 2009 reporting period. Similarly, total delinquencies have also experienced an uptick to 1.34% and 0.98% for 2006-A and 2007-A, respectively. Despite the slight deterioration in portfolio performance, credit enhancement levels have continued to build and are sufficient for the current ratings on the notes.
Fitch will continue to closely monitor these transactions and may take additional rating action in the event of changes in performance and credit enhancement measures.
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, Chicago
Du Trieu, 312-368-2091
Juveria
Mozaffar, 312-606-2335
Sandro Scenga, 212-908-0278
(Media
Relations, New York)
sandro.scenga@fitchratings.com