Fitch Ratings affirms two classes of asset-backed notes from HSBC Automotive Trust (USA) 2006-3. The affirmations 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 current rating categories and still make full payments of interest and principal in accordance with the terms of the documents.
The rating affirmations on the trusts are as follows:
--Class A-3 notes affirmed at 'AAA', Outlook Stable;
--Class A-4 notes affirmed at 'AAA', Outlook Stable.
Applicable criteria available on Fitch's web site at www.fitchratings.com: 'Rating U.S. Auto-Loan Backed Securitizations: A Tune-Up,' dated May 30, 2007, and 'Global Structured Finance Rating Criteria', dated September 30, 2009.
Additional information is available at 'www.fitchratings.com'.
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