Fitch Rates AmeriCredit Automobile Receivables Trust 2002-C 'F1+/AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 23, 2002 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 assigned ratings to the receivables-backed notes issued by AmeriCredit Automobile Receivables Trust 2002-C as listed below: --$235,000,000 class A-1 1.71% money market notes 'F1+'; --$315,000,000 class A-2 1.94% notes 'AAA'; --$480,000,000 class A-3 floating-rate notes 'AAA'; --$270,000,000 class A-4 3.55% notes 'AAA'. The securities, which represent the 33rd securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. offered by AmeriCredit Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ), were issued with a 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 policy (insurance policy) from Financial Security Assurance Inc. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ), which is rated 'AAA' by Fitch. The insurance policy ensures full and timely payment of interest and principal by the legal final distribution date. Fitch's ratings address the likelihood of full and timely payment of interest and ultimate payment of principal by the legal final distribution date of each class. The ratings are based on the terms of the financial guaranty insurance policy and insurer financial strength rating of FSA, the transaction's sound legal and cash flow structures, and the strength of ACF as originator and servicer of the receivables. Interest and principal on the notes are distributed monthly on the sixth day of each month, commencing on Oct. 7, 2002. Principal is distributed sequentially beginning with the class A-1 notes until paid in full. Before drawing upon the insurance policy, losses will be covered by excess spread, overcollateralization (OC), and a spread account. Excess spread will be available to make accelerated principal payments on the notes, thereby increasing OC to its targeted level. The receivables in the 2002-C trust are simple interest receivables made with respect to new (44.65%) and used (55.35%) automobiles and light-duty trucks and vans. The pool is well diversified geographically, with the largest state concentrations in Texas (13.96%), California (13.39%), Florida (8.52%), Pennsylvania (4.43%), and 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 (4.16%) and No other state represents more than 4% of the pool. Geographic diversification acts to insulate the transaction against regional economic downturns. ACF is a wholly owned and the primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Corp. (rated 'BB' by Fitch). AmeriCredit Corp. is a consumer finance company specializing in purchasing, securitizing, and servicing automobile loans, with a leading position in the competitive and sometimes volatile, nonprime automobile finance industry. The company's managed automobile receivables totaled $14.8 billion as of June 30, 2002, originating through 251 branches in the U.S. and Canada supported by centralized loan processing and servicing. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion