Fitch Ratings Affirms 4 Classes of Chase Auto Owner Trust 2006-A.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 -- 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 affirmed four classes of the Chase Auto Owner Trust 2006-A transaction as part of its on going surveillance process. The ratings affirmations are as follows: --Class A-2 notes at 'AAA'; --Class A-3 notes at 'AAA'; --Class A-4 notes at 'AAA'; --Certificates at 'AA-'. The Class A-1 has paid in full. The affirmations are a result of continued available credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing in excess of stressed remaining losses. Current principal allocation and expected future cash flows Expected future cash flows Projected future cash flows associated with an asset. are also contributing factors. The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the current rating categories and still make full payments of interest and principal in accordance with the terms of the documents. As before, the ratings reflect the quality of Chase Bank USA, NA's (Chase) retail auto loan originations, the sound financial and legal structure of the transaction, and servicing provided by Chase. 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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