Fitch Ratings Affirms Textron Financial ABS, Series 2000-B.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 5, 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. affirms the ratings for Textron Financial Corporation Receivables Trust, Series 2000-B (TFCRT 2000-B) class B asset-backed notes at 'A', and removes them from Rating Watch Negative. Fitch rates TFCRT 2000-B's other notes, classes A-3 and A-4, 'AAA'. Originally issued classes A-1 and A-2 have been repaid. The affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. reflects the growing 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 . TFCRT 2000-B's performance to date reflects the weak global economy, and depressed demand for general aviation aircraft. At July 2003, delinquencies in excess of 60 days were $11 million or 9.1% of the current receivables balance while net realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. were $12.6 million or 2.6% of the original receivables balance. Although delinquencies in excess of 60 days and net realized losses have continued to grow during the last six months, Fitch expects the rate of growth to slow later this year and additional net realized losses to be adequately covered by credit enhancement. TFCRT 2000-B is a special purpose business trust formed under the laws of Delaware to conduct limited activities including the issuance of debt and ownership of loans secured by general aviation aircraft. As of July 2003, TFCRT 2000-B had about $95 million of notes outstanding compared to $471 million at issuance. Textron Financial Corporation (TFC TFC Traffic TFC Traffic (logging abbreviation) TFC Team Fortress Classic (game) TFC The Filipino Channel TFC Thin Film Composite (type of reverse osmosis membrane) ), the aircraft loan portfolio servicer, and its parent Textron Inc. (TXT TXT Text TXT Text File (filename extension) TXT Textile TXT Teletext TXT Tecnologia per a Tothom TXT Textron Corporation (stock symbol) ) are rated 'A-/F2' by Fitch. TFC is a commercial finance company financing TXT and other products. TXT is a global, multi-industry company with businesses in aircraft, fastening systems, and industrial products/components. |
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