Fitch Downgrades 23 ABS Bonds Following FGIC Rating Downgrade; Rating Watch Negative.NEW YORK New York, state, United StatesNew 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 -- 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. downgrades 23 classes from eight asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. (ABS) transactions. Additionally, the ratings remain on Rating Watch Negative by Fitch. This action follows Fitch's downgrade of FGIC FGIC See Financial Guaranty Insurance Corporation (FGIC). Corporation (FGIC Corp.) and its financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. insurance subsidiaries Insurer Financial Strength (IFS) rating of 'AA' on Rating Watch Negative. For more information please refer to 'Fitch Downgrades FGIC to 'AA'; Ratings Remain on Rating Watch Negative', dated Jan. 30, 2008, available on the Fitch Ratings web site at www.fitchratings.com. The ratings of the following ABS transactions are supported by a financial guaranty policy provided by Financial Guaranty Insurance Company, a subsidiary of FGIC, and therefore are downgraded and remain on Rating Watch Negative. AmeriCredit Automobile Receivables Trust 2006-B-G --Class A-2 notes to 'AA' from 'AAA'; --Class A-3 notes to 'AA' from 'AAA'; --Class A-4 notes to 'AA' from 'AAA'. Capital One Auto Finance Trust 2005-C --Class A-3 notes to 'AA' from 'AAA'; --Class A-4A notes to 'AA' from 'AAA'; --Class A-4B notes to 'AA' from 'AAA'. Capital One Auto Finance Trust 2006-C --Class A-3A notes to 'AA' from 'AAA'; --Class A-3B notes to 'AA' from 'AAA'; --Class A-4 notes to 'AA' from 'AAA'. Capital One Auto Finance Trust 2007-C --Class A-2A notes to 'AA' from 'AAA'; --Class A-2B notes to 'AA' from 'AAA'; --Class A-3A notes to 'AA' from 'AAA'; --Class A-3B notes to 'AA' from 'AAA'; --Class A-4 notes to 'AA' from 'AAA'. Onyx onyx (ŏn`ĭks), variety of cryptocrystalline quartz, differing from agate only in that the bands of which it is composed are parallel and regular. Acceptance Owner Trust 2005-B --Class A-3 notes to 'AA' from 'AAA'; --Class A-4 notes to 'AA' from 'AAA'. Rental Car Finance Corp. Series 2007-1 --Class A-1 notes to 'AA' from 'AAA'. Sierra Timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. 2005-1 Receivables Funding, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control --Class A-1 notes to 'AA' from 'AAA'; --Class A-2 notes to 'AA' from 'AAA'. Sierra Timeshare 2007-1 Receivables Funding, LLC --Class A-1 notes to 'AA' from 'AAA'; --Class A-2 notes to 'AA' from 'AAA'. The following class is affirmed and remains on Rating Watch Negative by Fitch: Capital One Auto Finance Trust 2007-C --Class A-1 notes at 'F1+'; The following transaction is supported by three financial guaranty policies and was recently downgraded to 'AA' Rating Watch Negative from 'AAA' Rating Watch Negative by Fitch in connection with the Ambac action on Jan. 22, 2008. For more information please refer to 'Correction-Fitch Downgrades 421 ABS Bonds Following Ambac Rating Downgrade; Watch Negative', dated Jan. 22, 2008, available on the Fitch Ratings web site at www.fitchratings.com: Aviation Capital Group Trust III 2005-1 --Class G-1 notes at 'AA'. 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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