Fitch: Solid Improvement in March for U.S. Prime & Subprime Auto ABS.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- U.S. Auto ABS delinquency and annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net losses (ANL ANL - Argonne National Laboratory ) exhibited seasonally strong month-over-month results in March, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. in the latest edition of 'In the Auto ABS Driver's Seat'. Delinquencies on both the prime and subprime auto ABS indexes dropped 17.5% and 22% in March over February's levels, respectively. With regards to the March ANL indexes, prime ANL dropped 21% and the subprime index improved 28%, compared with February. Fitch's subprime 60+ day delinquency index improved to 2.21% in March, but was 6% higher than in the same period in 2006. In the prime sector, 60+ days delinquencies fell to 0.47% in March, and were 4% improved versus March 2006. The subprime ANL index exhibited solid improvement in March versus February, dropping to 4.75%. As with the prime ANL index, the subprime ANL index is up about 8.2% versus February 2006. Prime ANL fell to their lowest levels since September 2006 coming in at 0.78% in March, and were virtually unchanged on a year-over-year basis. This time of year produces seasonally strong performance with tax refunds being utilized by consumers to pay down their auto loans. $2.89 billion worth of auto ABS issuance (auto loan, lease, rental, floorplan, motorcycle, and truck loans) was issued in March in five transactions. Total year-to-date 2007 issuance was at $14.76 billion, 20% below March 2006's level. The latest edition of Fitch's In the Auto ABS Driver's Seat is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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