NEW YORK--May 30, 2012: It was not a case of April showers for U.S.auto loan ABS performance, which again was stellar this past month,according to the latest index results from Fitch Ratings. Prime auto asset-backed securities (ABS) delinquencies and lossesdropped in April to the lowest levels recorded in 2012. Performancewas buoyed by the solid 2009-2011 vintages, which are recordingrecord low loss rates to date. Over 50 transactions from the poor performing 2006-2008 vintagespaid off in the past four-to-six months. Fitch's indices alsoreflect the strong 2009-2011 vintage deals. Additionally, April istypically the strongest month of the year thanks in part to taxrefunds. These combined factors drove performance in April, asprime annualized net losses (ANL) hit a new record low. Prime 60+ days delinquencies dropped 5.7% in April over March to0.33%. ANL slid 50% month-over-month (MOM) to 0.17%, a new recordlow. Prime auto loan ABS cumulative net losses (CNL) declined 6.8%to 0.41% in April over March, and were 43.8% lower year-over-year(YOY). Wholesale vehicle values were strong in April, although usedvehicle values came off their peak March levels. The Manheim UsedVehicle Value Index was at 126.1 in April, just below the 126.2March level. Recovery rates in auto loan ABS transactions are athistoric highs in 2012, containing loss severity and keeping a lidon loss rates. Performance in the subprime sector exhibited similarly positivemovement in April. ANL declined 11.7% MOM to 4.16%. 60+ daysdelinquencies also dropped to 2.33% in April, 9% lower MOM versusMarch. However, subprime auto delinquencies remain 35% higher thanApril of last year. Fitch's 2012 outlook for prime asset performance is stable, whilethe outlook for prime ratings performance is positive. Fitch's auto ABS indices comprise of $56.79 billion of outstandingnotes issued from 114 transactions. Of this amount, 79% compriseprime auto loan ABS and the remaining 21% subprime ABS. Additional information is available at ' Fitch Ratings . ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS ANDDISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BYFOLLOWING THIS LINK:HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION,RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS AREAVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROMTHIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY,CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHERRELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODEOF CONDUCT' SECTION OF THIS SITE. I am an expert from fiber-opticcomponents.com, while we provides the quality product, such as Passive Optical Multiplexer Manufacturer , Fiber Optic Adaptor, Fiber Optic Splice Closure,and more.
Related Articles -
Passive Optical Multiplexer Manufacturer, Fiber Optic Adaptor,
|