Fitch Issues Latest 'In the Auto ABS Driver's Seat' Report.Business Editors NEW YORK--(BUSINESS WIRE)--March 4, 2003 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. has issued its latest 'In the Auto ABS (Automatic Backup System) See backup program. Driver's Seat' report covering the January 2003 period. Delinquencies and losses on prime auto loan 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. both showed further slight increases in the month of January. There was no encouraging news on the economic front in January. Auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. came back down to earth as sales only totaled a seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. figure of 16.2 million, down from December's figure of 16.8 million. Auto ABS issuance started the year off on a quiet note in January with only Ford and GM coming to market. Total issuance topped $6.2 billion. The report is available to all investors on Fitch's corporate site, 'www.fitchratings.com' or by contacting Sara Grohl at 1-212-908-0564 or via e-mail, 'sara.grohl@fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than twenty asset classes, contact product sales at 1-212-908-0800 or at 'webmaster@fitchratings.com'. |
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